California-based Passco Cos. buys apartment complex in Alexandria for $69 million
Passco Cos. LLC, based in Irvine, Calif., has acquired The Shelby, a 240-unit multifamily community in Alexandria for $69.5 million.
The Class A property was completed in 2014 and is located within a half-mile of the Huntington Metro station, U.S. Route 1 and Interstate 495.
“The Washington D.C. metro is an investor’s dream,” Gary Goodman, senior vice president, acquisitions at Passco Cos., said in a statement. “This area provides strong actual and anticipated job growth, high income levels, a dynamic infrastructure and a highly educated workforce, all of which will continue to drive demand for The Shelby over time.”
Located at 6200 North Kings Highway, the community is close to retail and lifestyle centers, including Beacon Center, Hoffman Town Center and Potomac Yard Center. Among its amenities are more than 100 pieces of original art from over 40 locally commissioned artists.
According to Goodman, The Shelby has a strong appeal to millennials. “The millennial generation continues to be a major driver in multifamily demand throughout the country. In fact, more than 57 percent of the current residents of The Shelby are millennials under the age of 30 years old,” he said.
Ryan Ogden, senior managing director with ARA Newmark, represented Passco as the buyer and Insight Properties as the seller in the transaction.
Financing was provided by Fannie Mae’s Green Building Program through Chris Black at KeyBank Real Estate Capital.
Passco holds a diverse portfolio of 60 properties in 19 states, and is growing its investment portfolio in primary and secondary markets throughout the country.