RALEIGH, NC—Passco Cos. is on a Raleigh roll, grabbing its fourth multifamily property in the North Carolina's Raleigh-Durham region. Passco just snapped up The Columns at Wakefield for $38.8 million.

“The Research Triangle area encompassing the Raleigh-Durham-Chapel Hill markets continues to demonstrate its strength as an investment target, making this property exactly aligned with our ongoing Next X investment strategy,” says Larry Sullivan, president at Passco. “The key is, rather than looking solely at top-performing markets over the past 10 years, we identify and invest in markets that we believe are likely to be top performers over the next 10 years.”

Acquiring the 324-unit asset brings Passco's total multifamily investment into the region to $135 million in the past year. Why all the interest in Raleigh-Durham? Sullivan hinted at it but his colleague brings more clarity to the strategy.