California-based Passco Cos has acquired The Shelby, a 240-unit multifamily community in Alexandria, from Insight Properties for $69.5M.
The Shelby, at 6200 North Kings Hwy, was completed in 2014 and is known for its unique design and amenities geared towards Millennials. A little more than 57% of residents at The Shelby are under the age of 30, according to Passco. The property was developed by Insight Property Group.
Amenities at The Shelby include an outdoor pool with sun deck, an outdoor patio with fire pit, and a media center and game room. The amenity spaces also feature more than 100 pieces of original artwork from over 40 locally commissioned artists. Last year, the Shelby was honored as a recipient of of a Delta Associates Award for Excellence for best interior design.
ARA Newmark repped both Passco and Insight, while KeyBank Real Estate Capital helped to secure financing. It's Passco's first acquisition in the region, which SVP of acquisitions Gary Goodman calls "an investor's dream."
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