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Passco Purchases Multifamily Community for $30.9 Million

Passco Companies, LLC (Passco) recently announced that is has acquired a 244 unit residential community in Greenville, South Carolina. Built in 2013, the newly constructed Class A property known as Vinings at Laurel Creek was purchased for $30.9 million.

The property consists of one, two, and three bedroom floor plans. The units feature laundry rooms, walk-in closets, and wood-style laminate flooring. Amenities include a pool, indoor-outdoor clubhouse, cyber café, and fitness center.

Located at 3434 Laurens Road, the multifamily community is only a short distance from Clemson University’s International Center for Automotive Research, the Millennium Campus Business Park, and downtown Greenville.

“The Upstate region of South Carolina has demonstrated tremendous growth over the past twenty years,” said Gary Goodman, senior vice president acquisitions of Passco. He added, “Vinings at Laurel Creek is located in Greenville’s most active employment submarket, ensuring ample renter demand from the growing population of area employees.”

Goodman attributes this significant growth to Greenville’s strong employment rate and predicts a rise in property values as the increasing population continues to grow.

“Population growth in Greenville is expected to rise in coming years, with forecasts projecting an additional 57,810 new residents by 2017. Based on this ongoing influx of renters, there is enormous potential to build value for our investors,” Goodman stated.

Passco Companies, LLC is a privately held real estate company. Based in Irvine, California, Passco focuses on the acquisition of multifamily and commercial properties. Since 1998, the company has managed over $3 billion in real estate investments.