This is the first time the asset changes hands.
Passco Cos. has purchased Allure at Edinburgh, a 280-unit luxury community in Chesapeake, Va. Venture Realty Group sold the asset in a transaction arranged by Berkadia. This is the first time the property changes hands.
The deal extends Passco’s recent acquisition streak. In January of this year, the company paid $71.3 million to buy Preston Ridge, a 340-unit community in Hickory, N.C.
Passco Cos.’ national multifamily portfolio features upwards of 14,800 units across 17 states. The company owns one other property in the state of Virginia, namely The Preserve at Catons Crossing, a 200-unit community in Woodbridge…