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| Watervue Apartments, Lake Charles, LA |
Lake Charles, LA. (Oct.
16, 2017) – 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 Watervue, a 264-unit Class A
multifamily community in Lake Charles, Louisiana, a city currently experiencing
record-breaking growth.
The apartment community is located at 1225 Country Club Road, Lake Charles, Louisiana. Ryan Epstein, Senior Managing Director, and Gregg Cordarro, Managing Director with Berkadia represented the seller, a Texas-based real estate developer, 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.
Lake Charles is the
fastest growing city in Louisiana, and boasts some of the most ideal
multifamily fundamentals in the nation, according to Colin Gillis, Vice President of Acquisitions for the Southeast at
Passco Companies.
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| Colin Gillis |
Gillis explains that by
the year 2018, the growth rate of Lake Charles is expected to be nine times
greater than the entire state of Louisiana.
“With $45 billion in
industrial projects under construction in the region, The Lake Charles MSA is
currently experiencing record setting growth,” says Gillis.
The MSA’s current
industrial boom serves as a significant indicator of the future economic growth
of the region and is a key demand driver for multifamily product, he adds.
“For example, many of the
area’s petrochemical plants are experiencing expansion, ultimately leading to
thousands of new jobs in the area,” Gillis explains. “In fact, job growth over
the next ten years is projected to be nearly 50%, which is keeping pace with
the 25% job growth the region has experienced over the last five years.”
According to Site
Selection, there are more than 15,000 construction workers currently working on
industrial developments in the Southwest region of Louisiana and that number is
anticipated to be 25,000 by the end of 2017.
For more information on this press release, please
contact:
Lauren Burgos/ Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
.
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