Saturday, September 30, 2017

Passco Companies Acquires Class A Transit-Oriented Multifamily Community in Dense and Growing Job Region, Alexandria, VA for $112.75 Million


The Parker Apartments, Fairfax County, Alexandria, VA

 Alexandria, VA – 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 Parker, a 360-unit multifamily community built in 2016 in Fairfax County, Alexandria, Virginia, a region experiencing exceptional job growth.

Gary Goodman

“Fairfax County, and the city of Alexandria, both provide ideal multifamily market fundamentals,” says Gary Goodman, Senior Vice President of Acquisitions at Passco. 

“The region features a combination of strong job growth, low vacancy rate, high-wage earning population, and a minimal supply of competing multifamily assets. These are the key demand drivers we look for with any new acquisition.”

Goodman explains that Forbes Magazine, recently ranked Fairfax County, as the third wealthiest county in the nation.

“These first-class demographics of the region indicate the future economic growth of the area and position The Parker to benefit for the long term,” says Goodman

The apartment community is located at 2550 Huntington Avenue, Alexandria, Virginia. David Nachison of Eastdil Secured represented the seller, a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty, and Passco Companies as the buyer in this transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
According to Goodman, Alexandria’s unemployment rate of 3.5 percent, coupled with new workplace facilities under construction for expanding companies, translates to an increasing population for the submarket, which will increase demand for multifamily product.

David Nachison

The Parker is strategically located at the Huntington Metro Station, offering direct connectivity to employment centers throughout North Virginia and Washington, D.C. Downtown Washington D.C., encompassing 152 million square feet of office space, is eight metro stops north of the asset.

The Parker is also a 10-minute walk from the Patent & Trademark Office (PTO), which employs 12,600 people. In addition, the National Science Foundation (NSF) recently moved to the neighborhood, bringing an estimated 2,400 new employees to the area.

 “The asset’s proximity to transportation and major employment hubs makes it easy for residents to commute to and from work and ensures the community’s long-term demand,” adds Goodman.

“Based on its unparalleled location and the lack of competition, The Parker is ideally positioned to increase in value based on the growing demand for multifamily residences in the area,” adds Goodman.

According to Goodman, at the time The Parker was purchased, the asset was 92-percent occupied.

The Parker features luxury multifamily amenities including two landscaped courtyards complete with gas grills and outdoor TVs, a resort style swimming pool and sundeck, a virtual sport simulation room, a 24-hour fitness center, a bike trail and outdoor fitness station, and a dog park and washing station, among others.

Chris Black
The acquisition of The Parker is Passco’s second acquisition in the Washington D.C. metro. In 2016, the firm acquired The Shelby, a Class A, 240-unit multifamily community.

“The Washington D.C. metro is a region that is well-aligned with our ongoing strategy to acquire quality assets in strong growth markets,” says Goodman. “We continue to find significant value here and plan to acquire more properties throughout the region in the coming months.”


For more information on this press release, please contact:

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



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