PENSACOLA, FL-Passco Companies has acquired Marcus Pointe Grande Apartment Homes, a 248-unit luxury multifamily complex. The sale price was not disclosed. However, Passco did reveal it secured a 10-year loan at a 7.5 cap rate from Freddie Mac. Passco estimates it paid about 30% below replacement costs.

Dan Allen, vice chairman and a multihousing specialist at CB Richard Ellis, represented both Passco and the seller. The seller had foreclosed on the property, which is 95% occupied. “As is typical of foreclosure properties, Marcus Pointe was mismanaged,” Gary Goodman, senior vice president at Passco Companies, tells GlobeSt.com. “The lender that took back the property has a large number of REOs to deal with and it wasn’t getting enough attention. We see an opportunity to do more with the rents.”

Marcus Pointe is a five-year-old, class A luxury apartment community that spans 31 two-story buildings. The project offers 11 different floor plans, averaging 1,249 square feet per unit. Part of a master-planned development community that includes a golf course, a business park and a single-family development, Marcus Pointe is located within two miles of Pensacola’s largest retail and employment center.