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

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:

• Property Type: Multifamily
• Transaction Amount: $71,300,000
• Units: 340
• Price Per Unit: $209,706
• Buyer: Passco Companies
• Seller: Lat Purser & Associates
• Brokers: John Currin, Austin Jackson, Andrea Howard, Jeff Glenn & James Dorsett - NorthMarq

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.