{"id":25825,"date":"2021-11-16T13:58:59","date_gmt":"2021-11-16T21:58:59","guid":{"rendered":"https:\/\/yieldpro.com\/?p=25825"},"modified":"2021-11-18T15:23:24","modified_gmt":"2021-11-18T23:23:24","slug":"passco-companies-enters-baton-rouge-with-two-best-in-market-luxury-multifamily-acquisitions","status":"publish","type":"post","link":"https:\/\/yieldpro.com\/2021\/11\/passco-companies-enters-baton-rouge-with-two-best-in-market-luxury-multifamily-acquisitions\/","title":{"rendered":"Passco Companies enters Baton Rouge with two best-in-market luxury multifamily acquisitions"},"content":{"rendered":"
Passco Companies<\/a>, a privately held California-based commercial real estate company that specializes in real estate acquisition, development, and asset management throughout the U.S., has acquired two best-in-market luxury multifamily assets spanning 552 units in Baton Rouge, marking the firm\u2019s entrance into the Louisiana State Capital.<\/p>\n \u201cThese acquisitions exemplify Passco\u2019s long-term strategy of identifying exceptional assets in up-and-coming markets where value creation is still possible,\u201d says Larry Sullivan, President at Passco Companies. \u201cBaton Rouge is an often-overlooked investment market with solid fundamentals poised for substantial long-term growth. Driven by healthcare, education and government, the city\u2019s employment is steadily growing<\/a>, supporting a strong population of renters. In addition, The Port of Greater Baton Rouge in conjunction with strong chemical and industrial construction sectors add to a well-rounded and diversified local economy.\u201d<\/p>\n Regional multifamily demand is further bolstered by limited supply, with Baton Rouge recently reporting over a two-third decrease in properties available<\/a> for rent since the start of the pandemic.<\/p>\n \u201cEach of these acquisitions is in a high barrier-to-entry pocket based on the localized dynamics of Baton Rouge\u2019s development climate,\u201d says Colin Gillis, Passco\u2019s Vice President of Acquisitions. \u201cThe majority of existing multifamily product in this market has been developed to only to address basic housing needs; however, these properties are built to national luxury design standard seen in most primary markets, reflecting an elevated offering for more discerning renters.\u201d<\/p>\n Passco acquired 276-unit Tapestry Long Farm from the property\u2019s developer, Birmingham, Alabama-based Arlington Properties<\/a> in addition to the 276-unit Sweetwater Apartment Homes from that property\u2019s developer, Hammond, Louisiana-based Stoa Group<\/a>. Arlington Properties will manage both assets moving forward.<\/p>\n Passco\u2019s two recent acquisitions include:<\/p>\n