Monday, October 16, 2017

Passco Companies Acquires Class A Multifamily Asset in Louisiana’s Fastest Growing City

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.

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


NAI Realvest Negotiates Office Lease for Last Remaining Space in Resource Square Three at Research Park

Andy McCaw
ORLANDO, FL --- NAI Realvest recently completed an expansion lease agreement for AIT Engineering in Resource Square Three, 12001 Research Parkway in Central Florida Research Park off Alafaya Trail near UCF.

 Andy McCaw, Vice President of Tenant Representation at NAI Realvest, negotiated the lease of 6,725 square feet for the software engineering tenant’s expansion and extension of lease.   

Resource Square Three is now 100 percent occupied.

 The Atlanta-based landlord, Banyan Street/GAP Resource Square Three Owner LLC, was represented by Jay Dixon of CBRE. 

For more information on this press release, please contact:

Beth Payan, Larry Vershel Communications 407-644-4142