Passco Buys LA Apartments
Watervue, a 264-unit community in Lake Charles, La., features two lakes, as well as amenities such as a fitness center, swimming pool and outdoor kitchen.
By D.C. Stribling, Contributing Editor
Passco Cos. has acquired Watervue, a 264-unit multifamily community at 1225 Country Club Road in Lake Charles, La. The seller was a private Texas-based owner and the property traded for an unspecified price.
Watervue features two lakes and a resident club house. It also includes a 24-hour fitness center with panoramic views, a resort-style swimming pool, a social lounge with flat-screen TVs and an outdoor kitchen.
A growing area
Lake Charles is currently the fastest growing city in Louisiana, and boasts strong multifamily fundamentals, according to Colin Gillis, vice president of acquisitions for the Southeast at Passco Cos. He said that in 2018, the growth rate of Lake Charles is expected to be nine times greater than the entire state of Louisiana.
“For example, many of the area’s petrochemical plants are experiencing expansion, ultimately leading to thousands of new jobs in the area,” Gillis explained. “In fact, job growth over the next 10 years is projected to be nearly 50 percent, which is keeping pace with the 25 percent job growth the region has experienced over the last five years.”
Ryan Epstein and Gregg Cordarro with Berkadia represented the seller and buyer in the deal. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for California-based Passco Cos. through Fannie Mae.
