Passco Nabs 280-Unit Multifamily

IRVINE, CA-GlobeSt.com has learned exclusively that locally based investment, acquisition, development and management company Passco Cos. LLC has purchased Encore at the Park, a 280-unit multifamily community in Durham, NC, for $28 million. The seller was a joint venture between Centennial Holding Co. of Atlanta and the Carlyle Group of Washington, DC.

Sean Wood of ARA Investment Services represented both parties in the transaction. Formerly known as Century Creek, Encore at the Park is one mile from North Carolina's Research Triangle Park. It will be managed by Riverstone Residential Group.

The garden-style community, built in 2001, is located at 2850 Country Creek Blvd. and contains one-, two- and three-bedroom floor plans. Amenities consist of a resort-style swimming pool, sundeck, executive business center, fitness center, car-care center, picnic and grilling stations, video library and dog park. Units themselves feature detached garages, walk-in closets, private patios/balconies, washer/dryers, gourmet kitchen intrusions and vaulted ceilings.

According to Gary Goodman, SVP at Passco, the community “has been a consistently solid-performing asset and was an attractive acquisition for our firm because of its desirable location near the Raleigh-Durham employment hub. In addition to Research Triangle Park, which boasts more than 40,000 jobs, the property is also in proximity to downtown Durham, which currently provides an additional 20,000 jobs. This keeps demand for quality housing consistently high in this market.”

Goodman added in a prepared statement that Passco's investment strategy has been “focused in identifying class-A properties in stabilized markets such as Raleigh-Durham. We will be completing minor value-add upgrades on both the exterior and interior of the property, including upgraded countertops, flooring and fixtures. These renovations will elevate the asset and keep it competitive in this growing market.”

As GlobeSt.com reported in May, Larry K. Sullivan has been promoted to president of Passco. The appointment followed the resignation of former president William H. Winn, which went into effect May 30.