Passco Spends $96M on Raleigh MF

RALEIGH—It’s part of a strategy to acquire high-quality core apartment assets in high-growth areas outside primary markets. Passco Companies just snapped up its third class A multifamily community in the past nine months in Raleigh-Durham. Passco grabbed Carrington at Brier Creek, a 270-unit luxury garden-style multifamily property in Raleigh for $37.3 million.

“Our investment strategy is focused on identifying markets that are poised for growth, and Raleigh-Durham is certainly in that category,” says Gary Goodman, senior vice president of acquisitions of Passco. As its name suggests, Carrington at Brier Creek is next to the Brier Creek Country Club.