Passco paid $71.3 million for the Preston Ridge Apartments, a 340-unit rental community located at 2001 Startown Rd. in Hickory, North Carolina. Northmarq represented the seller, Lat Purser and Associates.

Built in two phases with the first in 2020 and the second in 2023, Preston Ridge offers one-, two- and three-bedroom floorplans. The community features a patio or balcony, a pool, fitness center, co-work and lounge areas, storage units, package delivery lockers, on-site management and maintenance, full community kitchen, yoga room, dog wash station and more.

Its location has nearby access to Interstate 40 and U.S. Hwy 70 as well as restaurant and shopping options. 

Northmarq’s Carolinas Multifamily Investment Sales team was led by John Currin, and Austin Jackson, Andrea Howard, Jeff Glenn and James Dorsett.