The 360-unit property, named The Parker, was completed in 2016 and was 92 percent let at the time of purchase.
The Parker was sold by a joint venture between AEW Capital Management and MRP Realty.
Located in the Washington DC metro area, the asset is a 10-minute walk from the Patent & Trademark office, which employs 12,600 people.
It is Passco’s second acquisition in the area, following the purchase of a class-A 240-unit community asset in March 2016.
According to Passco, the region is well aligned to its strategy of applying “quality assets in strong-growth markets”.
The firm is planning to acquire more assets in the region over the coming months.
Gary Goodman, senior vice president of acquisitions at Passco, said: “The asset’s proximity to transportation and major employment hubs makes it easy for residents to commute to and from work and ensures the community’s long-term demand.”
He added: “Based on its unparalleled location and the lack of competition, The Parker is ideally positioned to increase in value based on the growing demand for multifamily residences in the area.”
Eastdil Secured represented the seller, while KeyBank Real Estate Capital arranged the financing for Passco.