Passco Companies, a Calif.–based real estate investment company, has completed the acquisition of Autumn Breeze, a 280-unit Class A apartment community located in the suburb of Indianapolis, IN. The property was 95% leased at the time of the acquisition.
This acquisition brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units nationwide. Passco has successfully sponsored 11 real estate investment programs on behalf of more than 500 investors since late 2009.
“The acquisition of Autumn Breeze is consistent with our business plan for acquiring high quality Class A properties using all cash, in the best submarkets of cities located throughout the nation”, said Gary Goodman, Senior Vice President of Acquisitions for Passco.
Autumn Breeze is located at 14901 Beauty Berry Lane in the city of Noblesville, IN. The property was built in 2009 and contains 280-units consisting of luxury one-, two- and three-bedroom apartment homes. The property is located in the heart of Noblesville and situated across from the Klipsch Music Center, a 24,000-seat-outdoor concert venue, and just down the road from an open-air retail center featuring 80+ retailers/restaurants. Passco has appointed the nation’s second largest third party multifamily manager to oversee the day to day operations.
The properties’ amenities include a resort-style pool, billiard room, tanning salon, online concierge services, attached and detached garages, large closets, car care center, pet spa, state-of-the-art clubhouse, 24-hour athletic center, 24-hour business center, cyber cafe complete with WIFI and gourmet kitchens with updated appliances. Autumn Breeze also offers preferred employer and military discounts.
Steve LaMotte of CBRE represented both the buyer and the seller.