Passco Cos. makes first Downtown New Orleans purchase

Passco Cos. has acquired two luxury multifamily communities totaling 602 units. The seller and the financial terms were not disclosed.

Canal 1535, a 330-unit luxury class A multifamily high-rise community situated within the heart of historic Downtown New Orleans, marks the firm’s first asset in the city. Colin Gillis, senior vice president of acquisitions at Passco, said that New Orleans has an often overlooked high-end demographic that is paying rents for top-end assets that are on par with the country’s gateway markets.

The property, which will be managed by Greystar, provides residents with garage parking, a well-appointed clubhouse with resident lounge, a resort-style heated swimming pool, a state-of-the-art fitness center, a resident business center with PC and Mac computers, a private conference room, a community kitchen and courtyard entertainment area, a fifth-floor deck overlooking Canal Street, a covered putting green, a covered outdoor dog park and do