Mobile-Area Multifamily Changes Hands

SPANISH FORT, AL—Passco Companies, LLC has acquired The Arlington at Eastern Shore, a 300-unit, class-A multifamily community located in the Spanish Fort suburb of Mobile, AL, for $42.9 million. The property was acquired using Fannie Mae financing, according to Gary Goodman, senior vice president acquisitions of Passco Companies.

“Located in the fastest-growing county in the state of Alabama, The Arlington at Eastern Shore has maintained an average occupancy rate of 96.5% over the past two years,” says Goodman. “With increasing population and job growth anticipated in the region, this property is poised for ongoing strong performance, and we are pleased to be able to provide such a concrete asset to our investors.”