PASSCO COS. ACQUIRES RALEIGH APARTMENTS FOR $37.3M

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RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.

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