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Passco Scores Wakefield Glen for $31M

California Outfit Secures Raleigh Multifamily Asset
December 12, 2013
Irvine, CA-based Passco Cos. acquired its second multifamily asset in the Raleigh area this year with the purchase of the 246-unit Wakefield Glen Apts. for $31 million, or about $126,000 per unit.

It took 45 days for Passco to close on Wakefield Glen, a 245,000-square-foot multifamily asset constructed in 2000 in Raleigh's Highland Park Multifamily submarket. The complex, constructed on nearly 23 acres, is comprised of one-, two-, and three-bedroom apartments and features a resort-style pool, clubhouse, fitness center, community business center, playground and car care center. Residents will also be presented the option to install vinyl wood plank flooring and other interior upgrades.

The catalyst for Passco's interest in greater Raleigh is twofold, one of which is the presence of the Research Triangle Park, a corporate campus that houses more than 170 companies and in excess of 38,000 full-time employees about 20 minutes away from Wakefield Glen. The other reason is the close proximity to The University of North Carolina, North Carolina State University, and Duke University.

"Wakefield Glen demonstrates deep potential for growth and stability, making it well-aligned with Passco's ongoing strategy to acquire high quality, core multifamily assets in secondary markets," said Gary Goodman, Passco's senior vice president of acquisitions.

John Heimburger, Dean Smith, Blake Okland and Sean Wood of Apartment Realty Advisors negotiated on behalf of the seller, The Connor Group.

For additional information on the transaction, please see CoStar Comp #2899527.
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