Passco Cos. Pays $71M for North Carolina Community

Lat Purser & Associates has sold the 340-unit garden-style Preston Ridge in Hickory, N.C., to Passco Cos. Northmarq brokered the $71.3 million transaction on behalf of the seller.

Prior to the sale, the property became subject to a $46 million loan originated in March of last year by SouthState Bank.

The community located at 2001 Startown Road came online in two phases. SouthState Bank issued two separate construction loans for the two phases, according to Yardi Matrix information. Development completely wrapped up in 2024.

The pet-friendly Preston Ridge spans across 24 acres and comprises 13 buildings. The three-, four- and five-story structures include one-, two- and three-bedroom floorplans averaging 960 square feet. All units encompass private patios or balconies, washer-dryers and walk-in closets. Shared amenities include a pool, a fitness center, a clubhouse, coworking and lounge areas, a yoga room and a pet park.

The community includes 25,200 square feet of on-site retail. Additionally, a Walmart and a Sam’s Club are 1 mile to the northeast, while a Target and Valley Hills Mall are some 1.3 miles to the northwest. Multiple dining options are also accessible within walking distance.

Another notable multifamily sale that closed in North Carolina recently involved a 1996-vintage value-add rental community in Greensboro, which sold for $49.5 million. Walker and Dunlop worked on that sale.