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Passco Sells Florida Multifamily Community for $102 Million

Passco Sells Florida Multifamily Community for $102 Million. Alternative investments, commercial real estate, Delaware statutory trust, DST, multifamily, Passco, Passco Companies, real estate
Passco Sells Florida Multifamily Community for $102 Million. Alternative investments, commercial real estate, Delaware statutory trust, DST, multifamily, Passco, Passco Companies, real estate

Passco Companies LLC, a sponsor of Delaware statutory trust offerings and other alternative investments, announced that they have sold ParkCrest Landings, a 400-unit community in Bradenton, Florida.

Goldelm, an apartment developer and manager, purchased the 78.4-acre property for $102 million. Passco acquired the property in 2016 for $75 million on behalf of investors in Passco Parkcrest DST, a private placement offering that raised approximately $36.5 million from accredited investors according to public records.

Goldelm assumed the existing $48.8 million Fannie Mae loan, originated by KeyBank in 2016, and Arbor Realty Trust reportedly supplied a $62 million loan with a September 2024 maturity date.

ParkCrest Landings includes 17 two- and three-story buildings. The property’s units offer one-, two- and three-bedroom floorplans where they range between 612 and 1,404 square feet.

Amenities offer a fitness center, clubhouse, business center, volleyball court, two swimming pools and a spa. Residents also have access to around 920 parking spaces.

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 $3.9 billion assets under management.

For more Passco Companies news, please visit their directory page.