Passco Makes a Pass At Duluth Complex
Just months after hiring local talent to hunt for more apartment projects, Orange County-based Passco Cos has picked up a massive Duluth complex. The firm bought The Estates at Crossroads, a 344-unit Class-A project in Duluth for an undisclosed sum. Passco targeted the complex given the city's population growth since 2000—a whopping 46%, says the company's Collin Gillis.
“The growth in the sheer number of people and businesses moving into the area has resulted in strong renter demand for Class-A housing, making this an extremely smart acquisition,” he says of the circa-2002 property at 2620 North Berkeley Lake Rd. “Additionally, the property has maintained a renewal rate well above the Atlanta average, which is a testament to the quality of the asset and location.”