Passco Acquires $28M N.C. Community
- Jul 22, 2013
Durham, N.C.—Passco Companies LLC has made a $28 million acquisition. The company acquired Encore at the Park, a 280-unit community one mile from North Carolina’s Research Triangle Park in Durham, N.C. The seller was a joint venture between Centennial Holding Company of Atlanta and The Carlyle Group of Washington, D.C.
“Encore at the Park is a strong investment for our company, as it provides us with a property that has maintained a stable occupancy rate, and only requires minor updates in order to reach its full potential in the market,” Gary Goodman, senior vice president, Passco Companies, tells MHN. “The property is also well-located within the highly desirable Research Triangle Park area, which provides thousands of jobs and in turn a steady demand for quality housing.”
The garden-style community, formerly known as Century Creek, was originally built in 2001 and includes one-, two- and three-bedroom units. The apartments feature detached garages, walk-in closets, a private patio/balcony and washers and dryers. Amenities include a resort-style swimming pool, sundeck, business center, fitness center, car care center, picnic and grilling stations, video library and a dog park. Encore at the Park will be managed by Riverstone Residential Group.
Passco plans to continue investing in similar properties in the future.
“We are always looking for well performing Class A properties such as Encore at the Park, and will continue to seek quality assets not only in the Southeast, but in all stabilized markets across the country,” Goodman says.