MULTIFAMILY INFLUENCER: Passco Cos LLC

Passco Cos.’ CEO and Founder, William O. Passo, and Larry Sullivan, President.

The CEO and founder of Passco Cos., Bill Passo, entered the real estate investment industry with the purchase of a single multifamily property in 1976. Passo was a true game-changer who was the first to present to the IRS the concept of the tenant-in-common investment structure. Under his leadership, along with a team of experts, Passco’s current multifamily portfolio includes approximately 40 properties and 13,000 units nationwide.

While the company was founded 20 years ago with the niche investment strategy of acquiring retail properties in California, in 2005—sensing the market climate and recognizing that an economic slump was approaching—it shifted its focus to multifamily. This redirection not only preserved its profitability, but it also greatly expanded its national presence and established Passco as a top name in the sector.

Passco’s team has continued to follow that same smart, strategic, and realistic approach to investment in the years since this shift, remaining highly-focused on the multifamily sector and seeing opportunities where others did not, further driving the strength of its portfolio. For example, multifamily investors have recently been overwhelmingly chasing yield to secondary and tertiary suburban markets, while this has been Passco’s primary investment strategy for the better part of a decade.