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Passco Companies has purchased the 330-unit 1353 Canal apartment community in New Orleans, LA.

Passco Acquires Luxury Multifamily Communities in New Orleans, Baton Rouge

Passco Companies has acquired two multifamily communities in LA, bringing the company’s holdings in the state to 1,690 units. According to the company, both assets closed at contract pricing despite a volatile capital markets environment.

Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco for both transactions.

*Canal 1535: 330-unit Class A in downtown New Orleans.

Passco and the seller were represented by Mike Kemether of Cushman & Wakefield and Larry Schedler, Cheryl Short,and Christian Schedler of Larry G. Schedler & Associates, Inc.

*Sawgrass Point: 272-unit Class AA in the Baton Rouge submarket of Gonzales.

Passco and the seller were represented by Chad Rigby and Saban Sellers of Stirling Investment Advisors and Telly Fathaly of Walker & Dunlop.

The acquisitions exemplify the firm’s strategy of identifying best-in-market multifamily properties poised to benefit from strong fundamentals and growing renter demand, said Colin Gillis, SVP of acquisitions at Passco.

Photo: Canal 1535 courtesy Passco Companies

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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