Passco Acquires Class A Community in Raleigh, NC
- Mar 31, 2014
Raleigh, N.C.—Passco Companies has announced the acquisition of Carrington at Brier Creek for $37.3 million. The purchase of the Class A, 270-unit luxury garden-style community was on target for the company’s ongoing strategy to acquire high-quality core assets in high growth areas outside of primary markets. Carrington at Brier Creek marks Passco’s third Class A multifamily asset in the Raleigh-Durham area in the past nine months.
“Our investment strategy is focused on identifying markets that are poised for growth, and Raleigh-Durham is certainly in that category,” says Gary Goodman, senior vice president, acquisitions of Passco Companies.
The community is located on 21 acres next to the Brier Creek Country Club in the Brier Creek master-planned community less than five miles from Research Triangle Park, which is one of the nation’s largest hubs for high-tech research and development. In-migration in the area is second of any U.S. metropolitan area in the past five years and Goodman says that “exponential job growth is anticipated to continue over the next five to 10 years, resulting in intensive demand for quality housing such as Carrington at Brier Creek.”
“One of the elements we consider when identifying our investment markets is how pro-business an area may be,” Goodman says. “Raleigh-Durham, and especially Research Triangle Park, has emerged as an extremely pro-business market.”
The community itself was built in 2004 and offers a spread of one-, two- and three-bedroom floor plans throughout 12 different buildings. Passco plans to make a variety of improvements to the property that includes the addition of a cyber-lounge and pet spa and an upgrade to the fitness center and model unit. The community currently features a clubhouse, business center, swimming pool and lush landscaping.
“This Property is already in excellent condition, and the improvements we plan to implement will only further enhance the property, ensuring that our community remains quite competitive in this growing market,” Goodman says.
Passco’s other acquisition in the Raleigh-Durham area in the past year include the 280-unit Encore at the Park in Durham, which it acquired for $28 million, and the 246-unit Wakefield Glen Apartments in Raleigh that it acquired for $31 million.