Passco Cos. Buys Hampton Roads Community
This is the first time the asset has changed hands.
Passco Cos. has purchased Allure at Edinburgh, a 280-unit luxury community in Chesapeake, Va. Venture Realty Group sold the asset in a transaction arranged by Berkadia. This is the first time the property changes hands.
The deal extends Passco’s recent acquisition streak. In January of this year, the company paid $71.3 million to buy Preston Ridge, a 340-unit community in Hickory, N.C.
Passco Cos.’ national multifamily portfolio features upwards of 14,800 units across 17 states. The company owns one other property in the state of Virginia, namely The Preserve at Catons Crossing, a 200-unit community in Woodbridge.
Berkadia Senior Managing Director Drew White, Managing Director Carter Wood, Senior Director Matt Straughan and Director Cole Carns arranged the transaction on behalf of the seller.
A closer look at Allure at Edinburgh
Located at 249 Allure Lane, the property is close to Virginia State Route 168 and also within 1 mile of several retail options, including Target, The Home Depot and Walmart Supercenter. Downtown Norfolk Va., is 16 miles north.
Developed by Venture Realty Group on a 12-acre site, Allure at Edinburgh came online in two phases between 2024 and 2025. The apartments total 272,440 rentable square feet, enclosed in three four-story buildings. The garden-style community features 105 one-bedroom, 128 two-bedroom and 47 three-bedroom units ranging from 630 to 1,309 square feet.
At the time of the sale, Allure at Edinburgh was 99 percent occupied. Arlington Properties will handle day-to-day operations across the community on behalf of the new ownership.
Shared amenities include a swimming pool with sundeck, a clubhouse, resident lounges, a fitness center, a game lounge, massage and meditation rooms and conference rooms. Additionally, the community also features grilling stations, a bike storage, a dog park, a pet spa and EV charging stations.
The idea of fitness-related amenities has expanded well beyond gym facilities and has recently begun focusing on wellness, 30 Lines President Mike Whaling told Multi-Housing News. The best multifamily amenities now go as far as red light therapy pods and meditation booths, which give a community a high perceived value while maintaining minimal staffing requirements. Pickleball courts remain trendy as far as sports-related amenities stretch, with an increasing demand for acoustically enclosed courts.
