Passco Likes Multifamily
Investors like Carolina apartments, too, Passco Cos VP-realty investments Ogal Claspell tells us. This week, Passco closed on the 324-unit The Columns at Wakefield apartments in Raleigh for nearly $39M, which makes four multifamily properties in Raleigh-Durham for Calif-based Passco, at a total of $135M invested in the market.
The market benefits from above-average fundamentals, Ogal says. Research Triangle Park already employs more than 38,000 full-time employees, but there are more to come: maybe as many as 100,000 new workers in the coming years, who all need to live somewhere (other than friends' couches). This particular property’s going to benefit from its location in the master-planned Wakefield Plantation; Passco anticipates a seven- to 10-year hold on the property. Built in 2003, it features one-, two- and three-bedroom units.
