Passco Acquires 240-Unit AL Community
- Jan 09, 2018
Passco Companies has acquired ARIUM HomePlace, a 240-unit luxury apartment development in the Montgomery, Ala., submarket of Prattville, from a private investor.
The firm will rebrand the property as The Meadows at HomePlace, reflecting its location in the master-planned Homeplace community.
“This property is situated within an established residential community comprised of upscale homes, a high-end, destination golf club, Marriott Convention Center and nearly 3-million square feet of Class A retail space,” Colin Gillis, Passco’s vice president of acquisitions, Southeast, said. “The Meadows at HomePlace offers condo-grade amenities, 80-percent direct-access garages, spacious floor plans, and high-quality living with easy access to amenities in the up-and-coming Prattville submarket.”
Originally built in 2014, the development boasts units with hardwood flooring, stainless appliances, brushed nickel finished, tile backsplashes and built-in desks. All have ground-floor access and direct access to garages.
Community amenities include a state-of-the-art clubhouse, a pool with a sundeck, an outdoor grilling cabana, a bark park, car care center and playground.
The Meadows at HomePlace is located at 790 Old Quarters Road in a city that has seen major growth over the last 20 years. Gillis noted that it’s experienced a 40 percent population growth since 2000, driven by new commercial development in the area.
Passco Companies’ portfolio now includes approximately 50 properties in 17 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation.
“With this acquisition, we closed out 2017 with $2.5 billion in assets under management, growing our portfolio to 40 properties totaling over 12,000 multifamily units across the country,” Larry Sullivan, Passco’s president, said. “Markets remain competitive and we are extremely pleased with the tremendous success we’ve achieved this year.”
According to Sullivan, heading into 2018 the firm will continue its focus on expanding its multifamily portfolio, looking at value add and development opportunities, as well as acquiring and developing retail, self-storage, senior housing, and other property types in strong U.S. growth markets.
Cushman & Wakefield’s Jimmy Adams represented the seller in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s commercial mortgage group arranged financing for Passco Companies.