Passco makes second D.C. metro area multifamily acquisition

Passco makes second D.C. metro area multifamily acquisition

Published at: 2017-10-03 17:33 | Author: CIJ USA
A joint venture between AEW Capital Management and MRP Realty has sold a 360 unit apartment community in Alexandria, Va. to the Passco Cos. The firm paid $112.8 million ($313,330 per unit) for the property, which was 92 percent leased at the time of the sale. It features two landscaped courtyards complete with gas grills and outdoor TVs, and a virtual sport simulation room. Called The Parker, the property is located at the Huntington Metro Station. The purchase is Passco’s second in the Washington D.C. metro, which previously bought a 240 unit community called The Shelby in 2016. Eastdil Secured represented both parties in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Cos. through Fannie Mae.

“Fairfax County and the city of Alexandria both provide ideal multifamily market fundamentals,” said Gary Goodman, senior vice president of acquisitions at Passco, in prepared remarks. “The region features a combination of strong job growth, low vacancy rate, high-wage earning population and a minimal supply of competing multifamily assets. These are the key demand drivers we look for with any new acquisition.”

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