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| Pearce at Pavilion Apartments, Riverview, FL |
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| 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.”
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| 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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