SCOTTSDALE, AZ-After an abbreviated due diligence period andspeedy closing, PASSCO Companies LLC has acquired Desert ParksVista Apartments for $32.6 million, which translates into a sub-6%cap rate.
The Irvine, CA-based investor bought the 202-unit luxurycommunity from PB Bell Cos. in an all-cash transaction. Theproperty is located within the exclusive DC Ranch master-plannedcommunity.
“By anyone’s measure, this is the finest apartment property inthe state of Arizona,” says Gary Goodman of PASSCO. “This propertyis so unique in that it’s the only multifamily property to be builtin DC Ranch, which is one of the highest income areas inScottsdale. If you want to be a renter in DC Ranch you have oneoption and that’s our property.”
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