National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Passco Picks Up Fifth Kansas City Asset
Irvine, CA-based Passco Companies acquired Greenwood Reserve, a Class A, 228-unit multifamily community in Olathe, KS from an affiliated entity of Cityscape Residential for $38.25 million. It is Passco’s fifth acquisition in the Kansas City Metro.
Passco’s Gary Goodman says, “Our strategy to acquire luxury multifamily communities in irreplaceable locations with premier demographics is perfectly matched by what Greenwood Reserve offers. The job growth in Olathe, as well as the booming economy of the entire Johnson County, serves as demand drivers for luxury multifamily, and ultimately position the asset to perform well for years to come.”
Located at 13825 College Blvd., Greenwood Reserve features a resort-style salt water pool, community grilling area, cyber café, business center, resident lounge, and a high-end fitness center and yoga studio.
CBRE’s Jeff Stingley represented both parties. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged acquisition financing through Fannie Mae.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
