May 14, 2019— Passco Companies, a privately-held California-based real estate company that specializes in acquisition, development and property and asset management throughout the U.S., has announced a milestone: the firm has reached $3.5 billion in multifamily transaction volume.
“Passco is extremely deliberate in implementing our real estate strategies,” says Jeff Olshan, Senior Vice President, Multifamily Investments at Passco. “We continue to be active buyers of real estate as we seek out the right multifamily opportunities in growth markets across the country.”
On the disposition side, Passco sold six multifamily assets in 2018, capitalizing on demand that delivered profitable prices ahead of initial projections.
“Passco’s success in the dynamic multifamily market over the past 15 years can be credited to our team’s ability to identify opportunities in submarkets poised for growth, to operate these assets in a way that strategically and consistently targets maximum performance, while keeping our finger on the market pulse to determine the opportune time to sell,” says Olshan.
Passco’s investment strategy is broad-based among all markets but recently has primarily centered on secondary and tertiary markets with high-growth demand drivers and measureable competition.
“As demand rises in these secondary and tertiary markets, we continue to attract a highly competitive field of potential buyers and secure pricing levels that deliver strong overall returns,” says Olshan.
Passco’s President Larry Sullivan adds, “Our $3.5 billion milestone in multifamily transaction volume to date strengthens our position as a major player in the market. Looking ahead, Passco will continue to expand our multifamily portfolio, while also diversifying into other sectors where strong growth fundamentals are present, including self-storage, active adult seniors housing, and niche-opportunity retail.”