(Save thedate: RealShareApartments comes to the WestinBonaventure, Los Angeles, October24.)
BIRMINGHAM, AL-As part of its ongoing strategy to focus onmultifamily assets in secondary and tertiary markets,Passco Cos. LLC acquired the 260-unit Stonegatefrom local seller EBSCO Income Properties LLC. TheSouthern California buyer's plan is to improve operating expensesand perform light upgrades on the five-year-old multifamilyproperty, then increase rents.
To that end, Passco hired Greystar to managethe multifamily property at 101 Leaf Lake Blvd. RyanGriffin with Rock Apartment Advisorsbrokered the multi-million-dollar CRE transactionbetween the buyer and seller. The property was 92% leased at thetime of closing.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
