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Passco Enters Local Market With $70M Deal

ALEXANDRIA, VA—The 240-unit apartment building is trading for $69.5 million.

By Erika Morphy | erikamorphy | Updated on March 10, 2016

The Shelby

ALEXANDRIA, VA—Irvine, Calif.-based Passco Cos. has made its first acquisition in the Mid-Atlantic, scooping up the 240-unit apartment building, The Shelby, for $69.5 million.

The Shelby is located at 6200 North Kings Highway. Ryan Ogden with ARA Newmark represented both the buyer and Insight Properties as the seller in the transaction. Fannie Mae’s Green Building Program providing the financing, which was arranged through Chris Black at KeyBank Real Estate Capital.

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