Passco Companies said it is targeting a record amount of $1 billion in multifamily acquisitions in 2021.
The Irvine-based real estate apartment investor and developer has been on a commercial buying spree of late, having purchased nearly $446 million in multifamily assets in the first half of the year, with more buys on the way.
Passco’s acquisitions through June include six properties in five different states. They total 1,781 units.
“At the heart of our proven strategy is identifying assets that provide strong, durable cashflow,” said President Larry Sullivan.
Passco was No. 24 on this year’s Business Journal list of the top private companies, with $790 million in 2020 revenue.
The most recent multifamily acquisition was the $69 million buy of a 248-unit project located about an hour outside of Atlanta.
Other buys include acquisitions in Missouri, Arkansas, Florida and Louisiana.
Land EntitlementÂ
During the same time, an affiliate of the firm maintained a steady disposition pipeline.
Passco’s sister company, Passco Companies Development, recently entitled and sold three land parcels, including two sold to Beazer Homes for residential development in the Inland Empire.
“Based on our expertise in the housing market and experience navigating complex regulations, we were able to strategically plan and fully entitle these sites for projects that would meet a high demand in their market,” said founder and CEO Bill Passo.
Those two land sites in Moreno Valley include 10 acres entitled for 81 detached single-family homes; and 5 acres entitled for 55 detached single-family homes.
“We have expanded our program to include the entitlement of active seniors housing, value-add opportunities and other property types now and in the future,” said PCD President Carey Levy.
Passco currently has $3.5 billion of assets under management across the country.Â
