Wednesday, March 9, 2016

Passco Cos. Acquires Core 240-Unit Multifamily Asset in Prime Washington, DC Metro Area

The Shelby Apartments, Washington, DC

ALEXANDRIA, VA (March 9, 2016) – Passco Companies, LLC has acquired The Shelby, a core 240-unit multifamily community in the prime Washington D.C. metro area of Alexandria, Virginia for $69.5 million.

 The Class A property was completed in 2014 and is centrally located to provide unparalleled access to employment, retail and lifestyle amenities, according to Gary Goodman, Senior Vice President, Acquisitions at Passco Companies.

Gary Goodman
“The Washington D.C. metro is an investor’s dream,” says Goodman. “This area provides strong actual and anticipated job growth, high income levels, a dynamic infrastructure and a highly educated workforce, all of which will continue to drive demand for The Shelby over time.”

Goodman notes that the Washington D.C. metro leads the nation in jobs per capita, and is anticipated to add an additional 43,800 jobs per year through 2018.

 The average median household income for residents in the area is $107,000. In addition, the property is located within a half-mile radius of the Huntington metro station, Route 1 and Interstate 495.

“The tremendous ongoing growth throughout the region, coupled with the apartment community’s close proximity to major transit and employment hubs will continue to increase property value and drive up market rents over time,” says Goodman. “The result will be increased long-term cash flow and stronger returns.”

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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