IRVINE, CA—The Passco Cos. has added another property to its multifamily portfolio through the purchase of a 280-unit, class-A apartment complex in Indianapolis, Ind. With this purchase, the Calif.-based real estate investment company is set to acquire more than $250 million of assets in 2013.
The purchase of Autumn Breeze brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units across the nation.
“The acquisition of Autumn Breeze is consistent with our business plan for acquiring high quality Class A properties using all cash, in the best submarkets of cities located throughout the nation", said Gary Goodman, senior vice president of acquisitions for Passco.
The 95 percent occupied community, located at 14901 Beauty Berry Ln., contains one-, two- and three-bedroom units. Amenities include resort-style pool, billiard room, tanning salon, car care center, pet spa, state-of-the-art clubhouse, athletic center, business center and cyber café.
CBRE’s Steve LaMotte represented both the buyer and seller in the transaction. Terms of the sale were not released.