March 10, 2016
Irvine-based Passco Companies, LLC acquired The Shelby, a core, 240-unit multifamily community in the Washington D.C. metro area from Insight Properties for $69.5 million. The Class A property, located at 6200 North Kings Hwy. in Alexandria, VA, was completed in 2014, and has found favor with Millennials, who currently occupy more than 57 percent of the property.
Passco’s Gary Goodman says, “The tremendous ongoing growth throughout the region, coupled with the apartment community’s close proximity to major transit and employment hubs, will continue to increase property value and drive up market rents over time.”
ARA Newmark‘s Ryan Ogden represented the buyer and seller in the transaction. Financing was provided by Fannie Mae’s Green Building Program, through Chris Black at KeyBank Real Estate Capital.