Passco Cos. Acquires $446 Million in Multifamily Assets in First Six Months of 2021

Larry Sullivan

 Irvine, CA — Passco Companies, a privately held California-based commercial real estate company that specializes in real estate acquisition, development, and asset management throughout the U.S., has purchased $445.7 million in multifamily assets through June 2021 and is targeting a Passco record of $1 billion in acquisitions this year, according to Larry Sullivan, President at Passco Companies. 

 “At the heart of our proven strategy is identifying assets that provide strong, durable cashflow,” says Sullivan.

 “We’ve essentially perfected a business plan that fits our structure and fully meets our needs and expectations. The relationships and expertise we’ve cultivated through Passco’s nearly 25-year history, which has included a primary focus on multifamily for more than a decade, have allowed us to stay ahead of the curve and obtain premier access to ideal assets that fit within this strategy.”

 The Harrison apartments at Braselton, Buford, GA

Passco’s most recent multifamily purchase, the $69 million acquisition of the 248-unit The Harrison at Braselton in Buford, Georgia, located approximately an hour outside of Atlanta, exemplifies the firm’s strategy.

 Keanan Gomez, Director of Acquisitions at Passco, says: “The Harrison at Braselton is located in Hall County, Georgia, which has seen a steady influx of thousands of residents per year, leading to a nearly 15% population growth rate over the last decade.

Keanan Gomez

 "The local economy has also been bolstered by robust business growth, particularly in the healthcare and manufacturing industries.

 "In line with our typical strategy, we acquired the 2019-built property right out of lease-up at 100% occupancy with a waitlist.”

 Passco Companies Development (PCD), a sister company, recently entitled and sold three land parcels, including two sold to Beazer Homes for residential home development and construction in California’s Inland Empire, according to Bill Passo, Founder & CEO at Passco.

William O. (Bill) Passo

“Based on our expertise in the housing market and experience navigating complex regulations, we were able to strategically plan and fully entitle these sites for projects that would meet a high demand in their market,” says Passo.

 “Beazer Homes is well positioned to ultimately deliver the visions of the intended developments.”

 Colin Gillis, Vice President of Acquisitions at the firm, explains Passco’s ability to acquire the most in-demand multifamily assets throughout the country:

 “Despite tightening competition, especially as pandemic-accelerated trends are driving further investor attention to suburban secondary and tertiary submarkets, we continue to experience owners and developers coming to us directly with opportunities to acquire best-in-class assets.

Gary Goodman

 "We had the foresight to begin transacting in these markets several years ago, which has allowed us to forge deep relationships and build a strong reputation. 

"Sellers trust that our team is well positioned to drive transactions forward.”

 Gary Goodman, Senior Vice President of Acquisitions adds: “Our in-house legal counsel, experienced team, and relationships in markets throughout the country ensure we are always able to move very quickly.

 "We can often execute the due diligence process in record time when necessary. We look forward to continuing this momentum through the remainder of 2021 and beyond and anticipate reaching at least $1 billion in acquisitions this year.”

Carey Levy

 According to Carey Levy, President of PCD: “We have expanded our program to include the entitlement of active seniors housing, value-add opportunities and other property types now and in the future.

 "In addition to the two land parcels in California, PCD has also sold one if its parcels in South Carolina to an industrial park developer while retaining adjacent industrial parcels.”

 

 

CONTACT: 

 

Elisabeth Manville

Brower Group

(949) 438-6262

emanville@brower-group.com