Raleigh Apartments Sold for $142,222/Unit


Third time’s a charm for a California real estate firm that has acquired its third multifamily property in the Triangle in the last nine months.

Passco Companies of Irvine, Calif., earlier this week paid $38.4 million for the 270-unit Carrington at Brier Creek apartment community, or $142,222 per unit.

The acquisition brings Passco’s investment in the Triangle to $96.3 million in the past year after having acquired the Encore at the Park apartment in Durham in July of 2013 and the Wakefield Glen Apartments in north Raleigh in December.

Passco purchased the Brier Creek apartments from Ohio-based real estate investment firm The Connor Group, which had owned the community since 2007.


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