It’s a small gesture with a big purpose: restoring ecosystems, supporting biodiversity, and investing in a greener future for generations to come.

Together, we’re helping the world grow a little greener.

The post Passco Plants Trees in Honor of Employees first appeared on Passco.

Adriana also provides a thoughtful comparison between DST sponsors and other real estate sponsors, offering valuable perspective on what sets leaders in this space apart. Her insights reflect both her deep industry knowledge and the standard of excellence that defines Passco’s approach.

Tune in to hear Adriana’s take on today’s DST landscape and what advisors and investors should look for in a sponsor.

Watch the full video here: https://www.youtube.com/watch?v=9xVTCQ6lEmY

Great work, Adriana—you continue to lead the conversation and elevate Passco on the national stage!

The post Adriana Olsen Shares Expert Insights on High-Quality DST Sponsors first appeared on Passco.

Read the full list HERE

The post CPE 2024 Top Commercial Real Estate Owners first appeared on Passco.

A heartfelt thanks to everyone that helped us achieve this milestone. We’re excited to continue growing and innovating in the multifamily space!

Read the full list HERE

The post Passco Makes Top Multifamily Owners List first appeared on Passco.

Passco Cos. has purchased Cortona at Forest Park, a 278-unit community in St. Louis, from Invesco Real Estate. JLL Capital Markets facilitated the transaction, while KeyBank Real Estate Capital originated a $33.7 million Fannie Mae loan, public records show.

The purchase price could not immediately be learned. The previous owner acquired the building in a two-asset portfolio transaction in 2021, Yardi Matrix data shows, and took out a $45 million permanent loan from Metropolitan Life Insurance. The Class A property was 93 percent occupied at the time of the current sale.

Dating back to 2014, the five-story building encompasses studio, one- and two-bedroom layouts, varying between 575 and 1,264 square feet. Apartments feature washers and dryers, together with private balconies or patios in select units.

Common-area amenities at the 4.8-acre community consist of a fitness center, business center, clubhouse, community room and a spa. In addition, the are two swimming pools with cabanas, a coffee bar, a dog park and some 350 parking spaces.

Located at 5800 Highlands Plaza Drive, the building is close to Forest Park and several dining options. Brentwood Pointe, Brentwood Square and a Target are within 4 miles, while downtown St. Louis is 6.2 miles away. St. Louis Downtown Airport is 10 miles southeast.

The JLL Capital Markets team involved in the transaction included Senior Director Kevin Girard, Managing Director Mark Stern and Director Zach Kaufman. Earlier this fall, the same team brokered the $95 million sale of Woodlands of Crest Hill, a 730-unit community in Crest Hill, Ill.

According to a Yardi Matrix report, the St. Louis market remains steady, with an under-construction pipeline of 4,464 units as of August. In terms of supply, some 1,230 apartments came online through October, accounting for 1.0 percent of the existing stock. A total of 2,506 units are expected to be delivered until the end of the year, the same source shows.

However, multifamily transactions in the metro saw a steep decline, from $823 million in sales during the first eight months of 2022, to $404 million in the same period this year.

Originally published by www.multihousingnews.com.

The post Passco Buys 278-Unit St. Louis Community first appeared on Passco.

Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., in conjunction with its joint venture partner, Greystone, a national commercial real estate finance and investment company, has acquired One Riverwalk, a 303-unit luxury apartment community completed in 2019 and located within Knox County in the Knoxville, TN MSA. The property is 97% occupied.

Through a long-term relationship with Augusta-based Southeastern, the developer of One Riverwalk, Passco was able to negotiate the direct purchase of the property, which represents the third direct transaction between the two firms since 2019. The total consideration of transactions between Passco and Southeastern has now exceeded $250MM. The other two assets include Grand Oaks at Crane Creek in Augusta, GA and One Hampton Lake in Bluffton, SC.

The purchase was subject to the assumption of a 10-year, $64.29MM Freddie Mac loan bearing a 3.12% fixed rate with over 3 years interest only periods remaining. The loan assumption was key to both firms finding mutually beneficial motivations to transact, during a time where multifamily transactions are down nationally nearly 75% since last year.

Passco was very attracted to the opportunity to expand their holdings in the Knoxville market and has experienced tremendous success from their performance of their other two multifamily assets in the market, Tapestry Turkey Creek and Trustwell Living of West Knoxville. Both assets have been outsized performers within Passco’s $4 billion portfolio. According to Colin Gillis, Senior Vice President of Acquisitions at Passco, “One Riverwalk has exhibited phenomenal performance metrics since reaching stabilization in 2020 which underscores how special the asset and location are. Apartment fundamentals within the Knoxville MSA are some of the strongest in the country and have remained consistently robust in a time where there has been significant softness across the rental sector nationally.”

“One Riverwalk is a one-of-a-kind generational opportunity to own what is arguably one of the best assets in one of the best locations in the state of Tennessee. The property has an unbelievable setting overlooking the Tennessee river and can be seen from nearly all parts of downtown. Having been built on top of the former abandoned Baptist Hospital in an underutilized blighted pocket of town, the property single handedly transformed the south side of Knoxville into a burgeoning hub of exciting new developments. Southeastern had tremendous vision when they undertook this project and the impact that One Riverwalk had on the immediate area has been truly phenomenal”, explains Gillis.

“We’re thrilled to partner with Passco on this transaction. The ongoing collaboration serves as a testament to our relationship and further demonstrates our ability to execute within these market conditions,” said Stanley Wuu, Director, Greystone, who works closely with Passco to help grow a portfolio of attractive multifamily investments for the two companies’ joint venture DST platform.

This waterfront property sits upon 3.35 acres boasting views of Downtown Knoxville. One Riverwalk is comprised of two 5-story residential buildings offering a mix of studio, 1, 2-bedroom units averaging 884 square feet. Each unit is modern with quartz countertops, luxury faux wood flooring, tile backsplash, stainless steel appliances, full lighting packages and beautiful views of the Tennessee River. The community is just a bridge away from everything and located at 151 E. Blount Ave. Knoxville, TN.

Originally published by Yahoo! Finance.

The post Passco Closes On Largest Apartment Acquisition In Passco History first appeared on Passco.

Yardi Matrix data shows that the buyer also assumed an existing $48.8 million Fannie Mae loan, originated by KeyBank in 2016. That same year, Passco acquired the asset for $75 million.

ParkCrest Landings came online in 2015 and encompasses 17 two- and three-story buildings. Units offer one-, two- and three-bedroom floorplans, ranging between 612 and 1,404 square feet.

Common-area amenities of the Class A property include a fitness center, clubhouse, business center, volleyball court, as well as two swimming pools and a spa. Residents also have access to around 920 parking spaces.

The 78.4-acre property is at 5725 1st Ave. East, close to a Walmart Supercenter and a few dining options. Ellenton Premium Outlets is 6 miles northwest, while The Mall at University Town Center is some 9 miles away. Tom Bennett Park is within walking distance.

Earlier this year, Passco Cos. sold a 260-unit luxury community, also located in Southwest Florida. Longitude 81 Apartments traded for $78.8 million, Yardi Matrix data shows.

Originally published by Multi-Housing News.

The post Passco Sells Southwest Florida Community for $102M first appeared on Passco.

We continued the celebration of our 25 years in business with a spectacular summer party that left everyone buzzing with excitement. This years’ party was a testament to our success and growth over the years, as well as an opportunity to express gratitude to all those who have been part of our journey.

With a Duffy boat scavenger hunt, a cookout at the American Legion, live music by the band Common Sense, and an enthusiastic crowd that included our entire Passco family from across the country, this summer party was a huge hit!

Adding to the celebration’s success, we are proud to have incredible sponsors like Entrata, Marsh, Mayer Brown, and Partner Engineering who contributed to making our summer party an unforgettable experience. As we continue our journey, this event will be remembered as a milestone celebration that embodies our spirit of growth, community, and unwavering commitment to excellence.

We would like to thank Connect Media for their exclusive coverage of our event. Please click on the video below to relive our biggest summer party yet!

The post Passco’s 25th Anniversary Celebration Continues in Style first appeared on Passco.

The post Passco Travels Back in Time to Celebrate 25th Anniversary first appeared on Passco.

Jack was born in Newark, New Jersey on June 17, 1954, the eldest of four children of Kathleen R. and John T. Fitzgibbon. Jack attended the Holy Family School in Florham Park and spent his high school years at St. Benedict’s Prep in Newark. Jack received his undergraduate degree from Bucknell University, spending 4 years as a member of the men’s golf team.

He began his legal career in New Jersey, however Jack’s interest in real estate law led him to leave the East Coast for Southern California. Jack joined Passco 9 years ago and is remembered for his unwavering dedication that exemplified the values and principles that define our organization. Jack has spent 20+ years in the field of real estate law as a well-respected and recognized expert, winning the 2022 Connect CRE Lawyers in Real Estate Award.

Beyond his professional achievements, Jack was known for offering support that extended beyond the workplace. He actively participated in various charitable endeavors and leaves a legacy of compassion and generosity. Jack’s Catholic Faith was one of the cornerstones of his life, and he quickly became engaged with the community at Our Lady Queen of Angels Roman Catholic Church in Newport Beach. He volunteered much of his time to different ministries within the parish and was fondly referred to by many as the community’s Minister of Hospitality.

Throughout Jack’s life, he was many things to many people: a loving husband, son and brother; an engaging and entertaining companion and friend; and a most trusted advisor. His quick wit and easy smile brought charm and warmth to any gathering.

We invite all who knew and admired Jack to join us in celebrating his remarkable life. We extend our deepest condolences to Jack’s family and loved ones as we share in their grief and cherish the memory of him.

The post In Loving Memory of John W. “Jack” Fitzgibbon first appeared on Passco.