Passco Caps 2016 with Apartment Buy in SC
The company acquired a 240-unit property for $38.5 million.
Charleston, S.C.—Passco Companies has acquired Woodfield South Point, a 240-unit multifamily community in the West Ashley submarket of Charleston, S.C., for $38.5 million. The deal was the firm’s final acquisition in 2016, bringing Passco’s total acquisition volume for the year to more than $540 million.
The property is located at 1000 Bonieta Harrold Dr. Common amenities include a resort-style saltwater pool and tanning deck, outdoor grills and barbeque areas, a clubhouse with outdoor fireplace, media and entertainment lounge, and cyber café. It also has dog park and car washing station.
Kevin Kempf and Phil Brosseau of CBRE represented the seller, Arsenal Real Estate Funds, in the transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.
“We have been extremely active in the market nationwide, and we anticipate an even stronger stream of acquisitions in 2017,” said Larry Sullivan, president of Passco. Indeed, Passco aims to acquire $1 billion in assets in 2017, according to Sullivan.
As for Charleston, it’s a growth market, counting as one of the fastest-growing mid-size metros for (among other things) aircraft manufacturing and an emerging hub for international aerospace, aviation, automotive and tech industries. West Ashley’s population has increased by more than 50 percent over the last five years, according to the Census Bureau.
