06 October 2017
Virginia
Reporter: Theo Andrew

Passco bags multifamily property in Virginia


Passco Companies has acquired a community development in Alexandria, Virginia, for $112.75 million.

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.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BMO adds nine assets to UK portfolio
23 October 2017 | London | Reporter: Theo Andrew
The properties are spread across the office (35.9 percent), industrial (34.5 percent), retail warehousing (22.5 percent) and retail sectors (7.1 percent), reflecting an initial yield of 4.8 percent
Kennedy Wilson Holdings completes $8 billion merger with European arm
20 October 2017 | California | Reporter: Theo Andrew
The $1.98 billion (£1.5 billion) deal equated to an offer of $15.49 (£11.74) per KWE share, a 20 percent premium on the $12.91 (£9.79) per share closing price on 21 April
Aviva acquires Bristol redevelopment
20 October 2017 | Bristol | Reporter: Becky Butcher
Aviva Investors has purchased the first phase of a redevelopment business park in Bristol for £30 million
Coyote names Rob Bould as non-executive director
19 October 2017 | London | Reporter: Theo Andrew
Rob Bould, who has 40 years of real estate experience, will help grow the data platform, which will track, manage and report the performance of real estate assets in real-time
Hammerson expands flagship Parisian shopping centre
19 October 2017 | Paris | Reporter: Theo Andrew
The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris
SELF II reaches €500 million on third close
19 October 2017 | Paris | Reporter: Theo Andrew
The pan-European debt fund achieved the equity through institutional investors from France, Germany and Italy
Encore+ adds Dutch office for €50 million
18 October 2017 | Eindhoven | Reporter: Theo Andrew
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively