Passco Bets On Scottsdale Multifamily
The influx of tech and other high-paying industries into Phoenix will support Class-A multifamily, Passco Cos SVP, acquisitions Gary Goodman tells us. “Tech and healthcare companies seeking these young, educated employees are filling the available office space to the point that office product is now actively in development," he says. "That translates into thousands of well-paid young professionals seeking apartments.” (That translates into thousands of well-placed Taylor Swift posters and Whole Foods fliers in those apartments.)
Passco is active in a lot of secondary markets.
Passco Cos is betting big on the future of the market, recently acquiring a core 218-unit multifamily property for more than $52.5M in Downtown Scottsdale, which it's naming Luxe Scottsdale. The property, developed by Wood Partners, is still in initial lease-up, and rents are lower than its competition, says Gary (a factor which made the purchase even more enticing). CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch repped Wood Partners.
