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Passco Adds 240 More Units to Portfolio
Passco Cos. paid $38.5 million to add the 240-unit Woodfield South Point apartment community in West Ashley, SC to its portfolio. The Southern California buyer struck the deal with Arsenal Real Estate Funds, which was represented by Kevin Kempf and Phil Brosseau of CBRE. Chris Black with KeyBank Real Estate Capital’s Commercial Mortgage Group arranged for Fannie Mae financing.
Woodfield South Point, at 1000 Bonieta Harrold Dr., is in a fast-growing suburb of Charleston, SC. The property delivered in 2009, and has amenities including a saltwater pool, outdoor grill and barbecue areas, a clubhouse with outdoor fireplace, a cybercafé, and a dog park and car washing station.
Passco invested a total of $540 million in 2016, and plans to acquire $1 billion in assets in 2017.
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