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Passco Picks Up Virginia Transit-Oriented MF for $113M

Irvine, CA-based Passco Companies acquired The Parker, a 360-unit multifamily community built in 2016 in Alexandria, VA for $112.75 million. The Parker is strategically located at the Huntington Metro Station at 2550 Huntington Ave., offering direct connectivity to employment centers throughout North Virginia and Washington, DC.

Passco’s Gary Goodman says, “The asset’s proximity to transportation and major employment hubs makes it easy for residents to commute to and from work, and ensures the community’s long-term demand.”

Eastdil Secured’s David Nachison represented the seller, a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty, as well as Passco Companies as the buyer. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged acquisition financing for the buyer through Fannie Mae.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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