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Passco Buys Two Multifamily Properties in Louisiana

Passco Companies, a sponsor of Delaware statutory trust offerings and other alternative investments, has purchased two multifamily communities in Louisiana.

Passco Companies, a sponsor of Delaware statutory trust offerings and other alternative investments, has purchased two multifamily communities in Louisiana totaling 602 units,

The properties include Canal 1535, a 330-unit asset in Downtown New Orleans, and Sawgrass Point, a 272-unit asset in the Baton Rouge suburb of Gonzales, Louisiana. The acquisitions bring Passco’s holdings in the state to 1,690 units.

“Based on our long-standing relationships and deep experience in multifamily throughout market cycles, our team has continued to successfully identify and secure top assets in growing business and cultural hubs throughout the country,” said Colin Gillis, senior vice president of acquisitions.

Canal 1535 is a Class A multifamily high-rise located in Downtown New Orleans and is within walking distance to the French Quarter. This is Passco’s first property in the city and will be managed by Greystar.

Property amenities include garage parking, a clubhouse with resident lounge, a heated swimming pool, fitness center, a fifth-floor deck overlooking Canal Street, a covered putting green, a covered dog park and dog grooming station, and trash chutes on each floor, among others.

“This community is a one-of-a-kind property in an irreplaceable location, situated within a market that rarely sees apartment trade activity,” says Gillis. “We were able to take advantage of a truly once-in-a-generation opportunity to acquire a property of this caliber for a basis far below today’s replacement cost.”

Gillis added that New Orleans has an “oft-overlooked, high-end demographic that is paying rents for top-end assets that are on par with the country’s gateway markets.”

The second property, Sawgrass Point, is a Class AA, 272-unit gated community that has maintained 97 percent occupancy and higher since lease-up, the company said. It is within close proximity to East Baton Rouge’s major employment centers and approximately 45 minutes from New Orleans.

Property amenities include a car wash station, swimming pool, fitness center and yoga room, an outdoor kitchen pavilion, dog park and dog washing salon, a playground, and  an on-site coffee bar, among others.

Sawgrass Point brings the firm’s portfolio in the Baton Rouge metropolitan area to three multifamily properties with more than 800 units.

“We’ve identified greater Baton Rouge as a market with solid fundamentals that is poised for significant long-term growth,” said Gillis. “This asset is situated within one of the best submarkets, Ascension Parish, which has the highest per capita income in Louisiana and ranks #1 in the state for population growth. Further, we will continue to benefit from amassing economies of scale in the market, with all three of our Baton Rouge assets managed by Arlington Properties.”

Headquartered in Irvine, California, Passco Companies is a full-service real estate company that acquires, develops, and manages multifamily and commercial properties throughout the U.S. Passco currently has $3.7 billion assets under management.

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