 |
| Ovation at Tempe, AZ Apartments |
TEMPE, AZ – Passco InSite, LLC, a joint venture between Passco Companies, LLC and InSite
Investment Realty, has acquired the 270-unit Class B garden-style multifamily
community Ovation at Tempe for $25.85 million.
According to Bill Passo, CEO and Founder of Passco
Companies, this new joint venture is an extension of a 20-year relationship
with long-standing track record, market expertise and multifamily investment
experience.
According to Passo, investors will have the opportunity to
invest in the Ovation at Tempe property through crowdfunding, as well as
through the broker-dealer community.
 |
| Bill Passo |
“This is a strong, value-add investment opportunity in a
market that is in a proven recovery,” explained Passo.
“The Tempe submarket
posted positive absorption and a low 3.7 percent vacancy in the first quarter
of 2014, and a 3.5 percent rental growth is forecasted by the end of the year.”
In addition, Tempe’s market fundamentals are rebounding
rapidly according to Passo, who noted that the state of Arizona is on track to
rank first in the nation in future job growth, projecting a three percent rise
annually over the next five years.
“This projected job growth will drive deep demand for
quality housing, which will bolster the profitability of this investment over
our hold period,” he explained.
The Passco InSite partnership plans to hold the property for
three years. Under this ownership,
value-add improvements will be implemented, which will drive rent growth for
the asset, according to Passo.
For a complete
copy of the company’s news release, please contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
No comments:
Post a Comment