Sunday, May 21, 2017

Passco Companies Expands Portfolio in Florida’s Space Coast; Acquires 336-Unit Multifamily Community in West Melbourne for $53.3 Million

Colin Gillis
West Melbourne, FL – Passco Companies, a privately held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired The Haven at West Melbourne, a 336-unit  multifamily community in West Melbourne, Florida for $53.3 million.

This is Passco’s second acquisition in the Space Coast within the last six months, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“The Space Coast is one of the fastest growing regions across the Southeast and we continue to find deep value here,” says Gillis. “The region is experiencing rapid job and population growth – both of which are indicators of the future economic growth of the region and key demand drivers we look for with any new acquisition.”

Gillis explains that the region’s population is anticipated to grow another six percent over the next five years. 

“This strong population growth is driven largely by the tremendous amount of new businesses flocking to the Space Coast,” says Gillis. “The Space Coast is home to America’s space and aeronautical industries and is quickly becoming the top destination for STEM (Science, Technology, Engineering and Math) jobs in all of Florida. For example, top employers such as Harris Corporation, Northrop Grumman, and Lockheed Martin are all located within seven miles of the property.”

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

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

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