Passco Pays $50M for Kentucky MF

Passco Cos. LLC paid $50.4 million to acquire The Veranda, a 236-unit multifamily property completed in 2015. The property, acquired from the developer Bristol Development, is at 9506 Civic Way, in the Norton Commons master-planned community in Prospect, KY, a suburb of Louisville.

Cushman & Wakefield’s Louisville and Atlanta offices represented Bristol Development in the sale of the property. Craig Collins in the Louisville office and Mike Kemether in the Atlanta office were the selling brokers.

“The demographic profile at The Veranda is one of the most impressive we have ever seen,” said Passco’s Colin Gillis. “The region continues to demonstrate strong employment growth, high average income levels, and a highly educated workforce. Market fundamentals are extremely strong, and will drive continued demand for the asset over time.”

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