Passco spends $104 million for two area complexes

Irvine, Calif.-based Passco Cos. LLC has acquired a pair of Class A, new Gulf Coast apartment complexes for $104.7 million.

In Estero, the company invested $54.97 million to buy the former Springs at Estero complex, containing 260 residences, from developer Continental Properties Co., of Wisconsin.

Continental completed the 11221 Everblades Parkway complex — now known as Longitude 81 — last year, after buying the 18-acre site for $6.65 million in September 2014, according to Lee County property records.