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Passco Expands Footprint with First MF Acquisition in Asheville, NC
Irvine, CA-based Passco Companies acquired Asheville Exchange, a 312-unit, Class A multifamily community in Asheville, NC for $56.6 million. The seller was Hathaway Development.
Completed in December 2017, the property is located at 105 Exchange Circle. This is Passco’s first multifamily acquisition in Asheville and first North Carolina purchase in nearly five years. Passco’s Colin Gillis notes the firm was attracted to the market due to the city’s strong and sustained population growth across age demographics, and high quality of living.
Asheville Exchange consists of one, two, and three-bedroom units featuring such amenities as energy-efficient appliances, granite kitchen countertops and wine racks. The community also features bike and kayak storage, a clubhouse, a car care center, a dog park and pet care station, a state-of-the-art fitness center, saline swimming pool, tanning salon and massage room.
Cushman & Wakefield’s Marc Robinson, Jordan McCarley and Brooks Colquitt represented both the buyer and the seller in the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
