Passco IDs Baton Rouge’s Potential with $130M Multifam Buys
Passco Companies has purchased two multifamily communities in Baton Rouge, LA submarkets for a combined $130 million. The Class A properties span 552 units and bring the firm’s year-to-date volume to $792 million.
Passco acquired 276-unit Tapestry Long Farm from Arlington Properties and 276-unit Sweetwater Apartment Homes from Stoa Group. Arlington Properties will manage both assets moving forward.
In the Tapestry Long Farm transaction, both Passco and the seller were represented by Mike Kemether and Larry Schedler of Cushman & Wakefield.
In the Sweetwater Apartments transaction, both Passco and the seller were represented by Jeffery Glassover and Matthew Raitz of Glassover & Raitz, LLC.
The buys represent Passco’s entrance into the Baton Rouge market. “These acquisitions exemplify Passco’s long-term strategy of identifying exceptional assets in up-and-coming markets where value creation is still possible,” said president Larry Sullivan. “Baton Rouge is an often-overlooked investment market with solid fundamentals poised for substantial long-term growth.
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.