PASSCO: Passco buys third Triangle property, ups investment to $96M

Third time’s a charm for a California real estate firm that has acquired its third multifamily property in the Triangle in the last nine months. Passco Companies of Irvine, Calif., earlier this week paid $38.4 million for the 270-unit Carrington at Brier Creek apartment community, or $142,222 per unit. The acquisition brings Passco’s investment in the Triangle to $96.3 million in the past year after having acquired the Encore at the Park apartment in Durham in July of 2013 and the Wakefield…