Passco Cos. has acquired One Hampton Lake, a 330-unit Class A multifamily community in Bluffton, S.C.
The property was purchased from Southeastern Co. for $78 million in an off-market transaction.
“While these past several months have involved unprecedented considerations, interruptions, and increased scrutiny when sourcing new acquisitions, we’ve continued to seek out opportunities to add top-of-the-market multifamily assets in irreplaceable locations to our portfolio,” said Colin Gillis, vice president of acquisitions at Passco Co. “One Hampton Lake, which sits on a large, picturesque, lake within a highly affluent neighborhood, exemplifies this strategy. The quality of the property is unmatched and the site cannot be replicated.”
According to Gillis, One Hampton Lake, which has an average household income of $115,000, has maintained high occupancy and leasing momentum throughout the pandemic.
Gillis also noted that Bluffton was recently n
