Passco Widens Area Footprint with the 330-Unit Grayson

Passco Cos. struck a deal with a Dallas-based developer for ownership of The Grayson, a 330-unit apartment complex in Spring, TX. The transaction bolsters Passco’s Texas presence. The Irvine, CA-based buyer owns multifamily, industrial/land and retail properties in the Lone Star State.

Situated on 14.8 acres at 4115 Louetta Glen Rd., The Grayson was acquired at below replacement cost, according to Passco’s Jake Niles. Additionally, “this community comes with significant curb appeal, as one of just a handful of newly-constructed multifamily properties in an affluent area, with a limited development pipeline,” he said.

Josh Goldfarb and John Carr with Cushman & Wakefield brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

The Grayson has one, two and three-bedroom apartments. Amenities include a fitness center, dog park, jogging trail, cybercafé, resort-style swimming pool and outdoor kitchen with grilling stations.

For comments, questions or concerns, please contact Amy Sorter