Passco Acquires $50M Luxury Community

The company is expanding its footprint with a new Class A, luxury community, located near Tampa Bay and major area employers.

Passco Cos. is increasing its Tampa multifamily portfolio with the acquisition of Pearce at Pavilion, a 250-unit community located in Riverview, Fla. A partnership between Adler Group and Mattoni Group sold the property for $49.7 million, with representation from JBM Institutional Multifamily Advisors.

Located at 3603 Pavilion Palms Circle, at the intersection of Interstate 75 and U.S. Highway 301, the asset is situated 15 minutes southeast of downtown Tampa, Fla. It provides easy access to Tampa Bay and to major employers such as Progressive, USAA, General Dynamics, Chase and Amazon. Pearce at Pavilion is also located near a mix of premier retail, entertainment and restaurant options.

Passco’s Growing Portfolio

The Class A, four-story building features one-, two- and three-bedroom units ranging in size from 737 to 1,280 square feet. Common area facilities include wood-style flooring in living areas, designer tile flooring in bathrooms, six-foot, double-pane windows to maximize natural light, USB charging stations and granite countertops. Pearce at Pavilion also includes a 24-hour fitness center, wellness center, multimedia game room, resort-style pool and jacuzzi, as well as an outdoor kitchen with barbecue frills, Wi-Fi and an outdoor living room. The property is also pet friendly and offers a dog park with agility equipment.

“This rapid job creation and migration of workers will result in continued demand for multifamily housing throughout the area,” Colin Gillis, vice president of acquisitions at Passco Cos., said in a statement. “In fact, the Tampa Bay MSA currently has a multifamily vacancy rate below five percent. This vacancy rate is below the national average, and is indicative that demand is greatly outpacing supply, making this a strong addition to our growing portfolio in the region.”

Images courtesy of Yardi Matrix and Pearce at Pavilion