August 21, 2019
Passco Cos. LLC of Irvine, CA, continues broadening its Texas presence. The investor’s most recent transaction is the 384-unit Boterra Bay Apartments in Baytown, TX. A joint venture between the Boterra Group and Edison Capital Holdings sold the complex at 99 W. Cedar Bayou Lynchburg Rd. Thomas Alleman and Brandon Miller with NKF negotiated on behalf of the seller.
“While we’ve been bullish on the greater Houston area for some time due to its solid fundamentals, the Baytown submarket also uniquely benefits from a strong economic and employment base, driven by the largest petrochemical hub in the world,” said Passco’s Jake Niles. He added that property’s rapid lease-up, following its 2018 delivery was also attractive.
Passco is rebranding the complex as Sapphire Bay Apartments. The asset offers one-, two- and three-bedroom units. Amenities include a lounge pool with cabanas, full-service fitness center, dog park and puppy pool, business center and 24-hour resident package lockers.
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