A 250-unit apartment community located in Riverview, Fla has been acquired by Passco Cos. in a $49.7 million deal. Located at 3603 Pavilion Palms Circle, at the intersection of Interstate 75 and U.S. Highway 30, the asset changed hands for $198,800 per unit. The four-story building, Pearce at Pavilion, features a 24-hour fitness center, multimedia game room, pool and jacuzzi, as well as an outdoor kitchen and living room. The property was sold by a partnership of Miami-based the Adler Group and Mattoni Group. “Rapid job creation and migration of workers will result in continued demand for multifamily housing throughout the area,” Colin Gillis, vice president of acquisitions at Passco Cos., said in a statement. “The Tampa Bay MSA currently has a multifamily vacancy rate below five percent. This vacancy rate is below the national average, and is indicative that demand is greatly outpacing supply, making this a strong addition to our growing portfolio in the region.”
