Passco Buys 2 Louisiana Luxury Communities

Sweetwater Apartments. Image courtesy of Passco Cos.

Passco Cos. has entered the Baton Rouge, La., multifamily market with the acquisition of two Class A communities totaling 552 units. The properties, the 276-unit Sweetwater Apartments and 276-unit Tapestry Long Farm, traded in two separate transactions. Arlington Properties will manage both assets.

Stoa Group, the seller of Sweetwater Apartments, opened the community late last year. The property offers one-, two- and three-bedroom apartments across six buildings. Amenities include a swimming pool, walking trail, game room, dog park and coffee bar.

Located at 3476 Sweetwater Blvd., the property is less than 10 miles from downtown Baton Rouge. Several dining and retail options are within walking distance. The property is the market’s only luxury community west of the Mississippi River, Colin Gillis, Passco’s Vice President of Acquisitions, said in a prepared statement. Glassover & Raitz represented both parties in the deal.

Tapestry Long Farm Apartments. Image courtesy of Passco Cos.

Passco also acquired Tapestry Long Farm, a 276-unit multifamily property, from developer Arlington Properties. Cushman & Wakefield represented both buyer and seller in the $61 million transaction. The acquisition was facilitated by a $38.6 million loan provided by KeyBank, Yardi Matrix shows.

The 2017-built property encompasses 12 three-story buildings on 12.2 acres at 16333 Columns Way. The community offers one- to three-bedroom apartments ranging from 748 to 1,324 square feet. Amenities include a gym, swimming pool, business center, clubhouse and playroom.

The property is one of the early projects delivered as part of the Long Farm Village masterplan, a 235-acre mixed-use development some 15 miles southeast of Baton Rouge. The community is within walking distance of a retail center off Airline Highway and less than 3 miles from the Woman’s Hospital.

Growing the portfolio

This is not the first time Passco Cos. has crossed paths with Arlington Properties. Earlier this month, the company paid $78.5 million for Tapestry Cypress Creek, a 341-unit community in Land O’Lakes, Fla. The seller was a joint venture between Arlington Properties and Brightwork Real Estate.

Passco has been active this year growing its portfolio, which now spans 17 states. In August, Passco acquired Vecina Apartment Villas, a 297-unit multifamily property in San Antonio, from LIV Development. KeyBank provided a $39.5 million Fanny Mae loan for the deal.