Passco Companies has acquired The Shelby, a multifamily community in Alexandria, Virginia for $69.5 million. Built in 2014, the 240 unit property located at 6200 North Kings Highway traded for just under $289,585 per unit. Financing for the purchase provided by Fannie Mae’s Green Building Program through Chris Black at KeyBank Real Estate Capital. “The Millennial generation continues to be a major driver in multifamily demand throughout the country. In fact, more than 57 percent of the current residents of The Shelby are Millennials under the age of 30 ,” stated Gary Goodman, Senior Vice President, Acquisitions at Passco Companies. “By acquiring a top-tier asset that caters to this demographic, we will be able to keep renter interest high, ultimately maximizing our ROI in this asset.”
