TEMPE, AZ—Passco InSite, LLC, a joint venturebetween Passco Companies, LLC and InSiteInvestment Realty, has acquired the 270-unit class Bgarden-style multifamily community Ovationat Tempe for $25.85 million. According to BillPasso, CEO and founder of Passco Companies, this new jointventure is an extension of a 20-year relationshipwith long-standing track record, market expertise and multifamilyinvestment experience.
According to Passo, investors will have the opportunity toinvest in the Ovation at Tempe property through crowdfunding, aswell as through the broker-dealer community.
“This is a strong, value-add investment opportunity in a marketthat is in a proven recovery,” explained Passo. “The Tempesubmarket posted positive absorption and a low3.7% vacancy in the first quarterof 2014, and a 3.5% rental growth is forecasted by the end of theyear.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
