Passco Cos. Acquires 552 Units in Baton Rouge

BATON ROUGE, LA – Privately-held commercial real estate company, Passco Cos. has acquired two class A, luxury multifamily assets, totaling 552 units, in Baton Rouge, LA.

The transactions represent Passco Cos.’ entrance into the Baton Rouge market and bring the company’s year-to-date acquisition volume to $792 million.

The California-based company has acquired the 276-unit Tapestry Long Farm from Arlington Properties, and the 276-unit Sweetwater Apartment Homes from Stoa Group.

Build in 2017, Tapestry Long Farm is located at 16333 Columns Way in Baton Rouge, within the master-planned development, Long Farm Village. The property offers one-, two- and three-bedroom units, as well as a fitness center, business center, auto car center, swimming pool, pet park and grooming station, sports pub, and a yoga and spin studio.

Located at 3476 Sweetwater Blvd. in the Baton Rouge suburb of Addis, LA, Sweetwater Apartments is a recently constructed property that offers a resort-style pool, stainless-steel appliances, in-unit washers and dryers, a lit walking trail, a car wash station, a game room, dog park and resident coffee bar. The property is situated near Louisiana State University and the 3,000-employee Dow Chemical plant.

Arlington Properties will manage the two assets moving forward.

Cushman & Wakefield’s Mike Kemether and Larry Schedler represented both the buyer and seller in the Tapestry Long Farm transaction. Glassover & Raitz LLC’s Jeffery Glassover and Matthew Raitz represented both the buyer and seller in the Sweetwater Apartments transaction.

“These acquisitions exemplify Passco’s long-term strategy of identifying exceptional assets in up-and-coming markets where value creation is still possible,” says Larry Sullivan, president of Passco Cos. “Baton Rouge is an often-overlooked investment market with solid fundamentals poised for substantial long-term growth. Driven by healthcare, education and government, the city’s employment is steadily growing, supporting a strong population of renters. In addition, The Port of Greater Baton Rouge in conjunction with strong chemical and industrial construction sectors add to a well-rounded and diversified local economy.”

“Each of these acquisitions is in a high barrier-to-entry pocket based on the localized dynamics of Baton Rouge’s development climate,” says Colin Gillis, Passco Cos.’ VP of acquisitions. “The majority of existing multifamily product in this market has been developed to only to address basic housing needs; however, these properties are built to national luxury design standard seen in most primary markets, reflecting an elevated offering for more discerning renters.”