RALEIGH, NC—Passco Companies has acquired Wakefield Glen Apartments, a 246-unit luxury class A multifamily community in Raleigh, NC, for $31 million. The company closed on the multifamily deal in only 45 days.

“Wakefield Glen demonstrates deep potential for growth and stability, making it well-aligned with Passco's ongoing strategy to acquire high quality, core multifamily assets in secondary markets,” says Gary Goodman, senior vice president of Acquisitions of Passco. He says the multifamily property's potential stems from strong economic fundamentals in the Raleigh-Durham market, as well as its class A condition and specific location within a highly desirable master planned community.

Wakefield Glen Apartments is located in the 2,220 acre Wakefield Plantation master-planned community. The community includes hundreds of single-family homes, apartment units and townhouses, as well as several schools, a retail shopping center and a Tournament Players Club golf course.