Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit, mid-rise apartment community in the Northern Virginia submarket of Woodbridge, Va.
“This opportunity to acquire this solid core asset in a stabilized, supply-constrained market is perfectly aligned with our multifamily investment strategy,” said Gary Goodman, the firm’s senior vice president of acquisitions. “With no competing properties under construction nor in lease-up, we anticipate healthy, sustained resident demand.”
The acquisition comes on the heels of the firm’s purchase of One Hampton Lake, a 330-unit multifamily community in South Carolina, earlier this month.
Goodman explains that the asset, which has maintained an occupancy rate of 95 percent and higher throughout the pandemic, will benefit from a diverse and growing job market.
“The Preserve is located immediately adjacent to a state-of-the-art, 240,000-square-foot Kaiser Permanente medical center currently u
