Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M
BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction.
One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, patios and balconies.
Shared amenities at the community include a resort-style infinity pool and deck; kayak launch site and storage on Hampton Lake, located adjacent to the property; pet park and wash station; state-of-the-art fitness center; screened-in outdoor lounge with a fireplace; an outdoor kitchen; and grilling areas.
Greystar will continue to manage the property under the new ownership. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco.
Headquartered in Augusta, Georgia, Southeastern Co. offers development, property management, construction management and brokerage services for commercial real estate properties across the Southeast.
Irvine, California-based Passco Cos. acquires, develops and manages multifamily and commercial real estate throughout the United States. The company currently has a portfolio of $3.2 billion worth of assets under management.
— Katie Sloan