Passco Cos. bought Springs at Bee Ridge apartments for a multitude of reasons

California company sees a lot of positive attributes in Gulf Coast multifamily projects

By Kevin McQuaid
| 6:00 a.m. June 8, 2018
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COURTESY PHOTO Passco Cos. of California invested $77.5 million to buy the former Springs at Bee Ridge apartment community last month. The complex is being renamed Longitude 82.

Commercial Real Estate

Pent up-demand. New construction. Solid jobs numbers. A higher-than-average household income. Little comparable competition. Strong rent growth potential. Unique architecture. A raft of modern amenities. Close proximity to Interstate 75. Good schools nearby. High-end interior finishes.

These are just a few of the reasons California-based Passco Cos. LLC spent $77.5 million — or $215,277 per unit — last month to acquire the Springs at Bee Ridge apartment complex in Sarasota County, roughly a year after developer Continental Properties completed the 360-unit community.