Passco on the Hunt for Raleigh Multifamily

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.