ALEXANDRIA, VA–Passco Cos., a privately-held real estate investor that is based in Irvine, Calif., has made its second acquisition in the Washington, DC area: The Parker, a 360-unit apartment building for $112.75 million.
The seller is a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty.
The Parker is located at the Huntington Metro Station at 2550 Huntington Ave., and is also a 10-minute walk from the Patent & Trademark Office. “Based on its unparalleled location and the lack of competition, The Parker is ideally positioned to increase in value based on the growing demand for multifamily residences in the area,” says Gary Goodman, Senior Vice President of Acquisitions at Passco, in a prepared statement.
“Fairfax County, and the city of Alexandria, both provide ideal multifamily market fundamentals,” he says.
The Parker was 92% occupied at the time it was purchased.
This is Passco's second acquisition in the Washington DC metro area. In 2016, the firm acquired The Shelby, a 240-unit multifamily community, for $69.5 million.
It too is located close — but not as close as The Parker — to the Huntington metro stop.
Goodman says Passco plans to acquire more assets here in the coming months. “The Washington D.C. metro is a region that is well-aligned with our ongoing strategy to acquire quality assets in strong growth markets,” he says.
Chris Black and Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.
ALEXANDRIA, VA–Passco Cos., a privately-held real estate investor that is based in Irvine, Calif., has made its second acquisition in the Washington, DC area: The Parker, a 360-unit apartment building for $112.75 million.
The seller is a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty.
The Parker is located at the Huntington Metro Station at 2550 Huntington Ave., and is also a 10-minute walk from the Patent & Trademark Office. “Based on its unparalleled location and the lack of competition, The Parker is ideally positioned to increase in value based on the growing demand for multifamily residences in the area,” says Gary Goodman, Senior Vice President of Acquisitions at Passco, in a prepared statement.
“Fairfax County, and the city of Alexandria, both provide ideal multifamily market fundamentals,” he says.
The Parker was 92% occupied at the time it was purchased.
This is Passco's second acquisition in the Washington DC metro area. In 2016, the firm acquired The Shelby, a 240-unit multifamily community, for $69.5 million.
It too is located close — but not as close as The Parker — to the Huntington metro stop.
Goodman says Passco plans to acquire more assets here in the coming months. “The Washington D.C. metro is a region that is well-aligned with our ongoing strategy to acquire quality assets in strong growth markets,” he says.
Chris Black and Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing for Passco through
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
