Passco Companies, LLC., a privately held Calif.-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has completed the acquisition of “Encore at the Park,” formerly known as Century Creek, a 280-unit multifamily community located one mile from North Carolina’s Research Triangle Park in Durham, according to Gary Goodman, Senior Vice President at Passco Companies, LLC.
“Encore at the Park has been a consistently solid performing asset and was an attractive acquisition for our firm because of its desirable location near the Raleigh-Durham employment hub,” Goodman noted. “In addition to Research Triangle Park, which boasts more than 40,000 jobs, the property is also in proximity to downtown Durham, which currently provides an additional 20,000 jobs. This keeps demand for quality housing consistently high in this market.”
Sean Wood of ARA Investment Services represented both the buyer, Passco Companies LLC, as well as the seller, joint venture partners Centennial Holding Company of Atlanta and The Carlyle Group of Washington, D.C.
“Passco’s investment strategy is focused on identifying Class A properties in stabilized markets such as Raleigh-Durham,” Goodman noted. “We will be completing minor value-add upgrades on both the exterior and interior of the property, including upgraded countertops, flooring and fixtures. These renovations will elevate the asset, and keep it competitive in this growing market.”
Encore at the Park, located at 2850 Country Creek Boulevard, is a garden style community built in 2001. The units include one-, two- and three-bedroom floor plans. Amenities consist of a resort-style swimming pool, sundeck, executive business center, fitness center, car care center, picnic and grilling stations, video library and a dog park. The units themselves feature detached garages, walk-in closets, private patio/balcony, washer/dryers, gourmet kitchen intrusions and vaulted ceilings. The property will be managed by Riverstone Residential Group.