Sullivan: Alan and Suzy are both very talented people. Alan has been with Passco 17 years, and Suzy has been with us for 13 years. They both have been instrumental in contributing to our overall growth, and we are excited to see them move up. We are confident that in these new leadership roles, they will play a vital role in Passco's ongoing growth and reaching our goals this year.

These promotions also signify that we're a growing, vibrant company that has created opportunity. In fact, we are the #2 fastest-growing large company as determined by Real Estate Forum, so we're not exactly standing still. We're looking forward to continuing to grow and expand throughout the next several years.

GlobeSt.com: What is Passco's acquisition strategy for the next year or so?

Sullivan: In 2016, we actually bought the highest number of multifamily assets we've ever done in our history. We bought roughly $550 million last year, and this year we're targeting $1 billion, predicated on the continued availability of the asset and the marketplace continuing to deliver those assets that we want. This number is obviously dependent on multiple factors, but market conditions are conducive to outstrip last year's numbers significantly.

We're also pursuing value-add opportunities between retail and multifamily and are aiming to expand niches of the company to go beyond the core; we expect foreign investors and new programs to finish broader than at the beginning of the year, all while keeping an eye on the federal government and legislation. With Alan and Suzy in their new roles, this has freed up some of my time and created an opportunity for me focus on items that will ultimately drive the company forward.

GlobeSt.com: How is the firm looking at dispositions for that time?

Sullivan: We've had quite a number of sales over the last two years, which have provided opportunities to harvest gains for investors. Our disposition strategy has always been well-aligned with the long-term benefit of our investors. This means that our disposition strategy is fluid. We are not married to our hold periods and will evaluate the right time to sell a property based on current market conditions and where we see the market going. If the opportunity presents itself and will benefit our investors, we may sell a property earlier than initially anticipated.

IRVINE, CA—Passco Cos. LLC is targeting $1 billion in acquisitions this year, predicated on the continued availability of assets that fit its investment criteria, which nearly doubles its purchases for 2016, president Larry Sullivan tells GlobeSt.com. The firm recently promoted Alan Clifton to COO and Suzy Cottle to CFO to help achieve its goals.

In his new position, Clifton will negotiate and secure financing for new acquisitions as well as maturing asset loans, and oversee company operations for Passco Property Management and Passco Management Services while continuing his role within Passco Cos. Development. In her new role, Cottle, who has been with Passco since 2004, will be responsible for overseeing all financial reporting, risk-management and strategic-banking relationships for Passco Cos. and its affiliates.

We spoke with Sullivan about the promotions and what they indicate about the direction of the company as well as the firm's acquisition and disposition strategy for this year.