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Passco Companies Acquires Preston Ridge Apartments From Lat Purser & Associates For $71.3M

Property Image
SOLD
$71,300,000
John Currin
Jeff Glenn
Austin Jackson
+ 2

North Carolina

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MultiFamily
Sold
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Property Image
SOLD

Passco Companies Acquires Preston Ridge Apartments From Lat Purser & Associates For $71.3M

2001 Startown Road

See Similar Deals
MultiFamily
Sold
John Currin
Jeff Glenn
Austin Jackson
+ 2
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved the sale of a multifamily asset located at 2001 Startown Road, Hickory, NC. The property, known as Preston Ridge Apartments, comprises 340 garden-style units and was sold for a total of $71,300,000, resulting in a price per unit of $209,706.

Summary of transaction details:

Northmarq facilitated the sale, representing the seller, Lat Purser & Associates, during the transaction. The deal marks a significant event in the Hickory, NC market, involving prominent brokerage representatives in the multifamily sector.

Players

Andrea Howard
NorthMarq
Andrea Howard
12 deals$1.5B volume
BROKER
Austin Jackson
NorthMarq
Austin Jackson
9 deals$1.2B volume
BROKER
John Currin
NorthMarq
John Currin
10 deals$677.6M volume
BROKER
Jeff Glenn
NorthMarq
Jeff Glenn
8 deals$548.8M volume
BROKER
James Dorsett
NorthMarq
James Dorsett
3 deals$119.8M volume(704) 927-4330
BROKER
PC
Passco Companies
BUYER

Details

SOLD
IMAGE: 01/22/2026 ADDRESS: 2001 Startown Road MARKET: Hickory, NC ASSET TYPE: Multifamily BUYER: Passco Companies SELLER: Lat Purser & Associates BROKERS: John Currin, Austin Jackson, Andrea Howard, Jeff Glenn & James Dorsett - NorthMarq SALE PRICE: $71,300,000 UNITS: 340 ~ PPU: $209,706 NOTE: Northmarq arranged the $71.3 million sale of Preston Ridge Apartments, a 340-unit garden-style community in Hickory, North Carolina, representing seller Lat Purser and Associates, with Passco Companies as the buyer. Currin

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,802,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$253,313.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$337,998.38
Annual Debt Service$4,055,980.51