MIAMI—Ocean Walk Apartments, a 297-unit multifamily community in Key West, FL, has traded hands. The sale price: $101.5 million. Passco Companies acquired the multifamily asset. The deal marks the largest single-asset transaction in the firm's history.
According to Colin Gillis, vice president of acquisitions for the Southeast at Passco, Ocean Walk is an extremely rare find. Indeed, the apartment community is one of only three professionally-managed multifamily communities in Key West, representing nearly half of the multifamily supply on the entire island.
(Will Florida Keys hotels continue their hot streak? Sound off.)
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