Saturday, June 3, 2017

Passco Cos. Acquires Class A 250-Unit Multifamily Community in Suburban Tampa, FL for $49.7 Million

Pearce at Pavilion Apartments, Riverview, FL

Colin Gillis
TAMPA, 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 Pearce at Pavilion, a 250-unit Class A multifamily community in Riverview, Florida – fifteen minutes southeast of Downtown Tampa.

The apartment community was purchased from a joint-partnership between Adler Group and Mattoni Group for $49.7 million.

This is Passco’s third multifamily acquisition to close in Florida in the last month and brings the firm’s holdings to more than 2,000 units throughout the region, according to Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“We are very focused on all major metropolitan areas throughout Florida,” says Gillis. “Nowhere are we seeing such progressive economic growth than we are here. The region has one of the most dynamic economic profiles in the U.S. and we continue to find exceptional opportunities across the state.”

Michael M. Adler, CEO of Adler Group adds, “This transaction further proves that Pearce at Pavilion filled a void in the Tampa submarket by providing unparalleled apartment residences and amenities. We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project.”

Michael M. Adler
            The apartment community is located at 3603 Pavilion Palms Center in Riverview, Florida. JBM Institutional Multifamily Advisors represented the seller. 

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
Located in the Tampa Bay MSA, Pearce at Pavilion is well-positioned to benefit from the region’s exceptionally strong job and population growth, according to Gillis who notes that more than 55,000 jobs have been added to the area in the last two years.

 In addition, the metro’s population is anticipated to grow nearly eight percent by the end of 2018.

“This rapid job creation and migration of workers will result in continued demand for multifamily housing throughout the area,” says Gillis. “In fact, the Tampa Bay MSA currently has a multifamily vacancy rate below five percent. This vacancy rate is below the national average, and is indicative that demand is greatly outpacing supply, making this a strong addition to our growing portfolio in the region.”

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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