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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