Why Passco is Focused on the Southeast

Gillis: “Job growth in the area is anticipated to reach nearly 50% over the course of the next 10 years, further adding to the continued demand for multifamily product and the long-term stability of the asset.”

IRVINE, CA—This region of the US is experiencing much more progressive growth than any other region across the nation, especially in areas such as Florida, Virginia and Lake Charles, LA, where the firm made a recent acquisition, Passco Cos.’ VP of acquisitions for the Southeast Colin Gillis tells GlobeSt.com. The firm has purchased Watervue, a 264-unit class-A multifamily community in Lake Charles, an MSA the firm considers to be “a city currently experiencing record-breaking growth.”

Lake Charles is the fastest-growing city in Louisiana and boasts some of the most ideal multifamily fundamentals in the nation, according to Gillis in a prepared statement. He 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. 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.