A San Francisco-based company recently bought a Pasco apartment complex on Chapel Hill Boulevard for $65 million.
Glencrest Group bought The Crossings at Chapel Hill, a 300-unit multifamily community at 6626 Chapel Hill Blvd. It was built in two phases in 2016 and 2012 and features 13 three-story residential buildings and offers one-, two- and three-bedroom floor plans.
Glencrest bought the property from Crossings at Chapel Hill ICG LLC, according to Franklin County property records. The sale closed July 20.
“Glencrest is excited to celebrate our entry into the burgeoning Tri-Cities market with the acquisition of The Crossings at Chapel Hill, which is a perfect fit for our Generations investment program,” said John Adair, managing partner of Glencrest Group, in a statement. “We look forward to delivering a great experience to our residents and being part of the Tri-Cities apartment community for many years to come.”
Glencrest said its investment program aims to build long-term wealth via ownership of a conservatively leveraged and geographically diverse portfolio of apartment businesses that deliver tax-sheltered cash flow and equity appreciation over decades.
Pasco’s rapid population growth, attractive demographics and growing demand for rental housing made it a strong investment and successful exit for the seller, said Phil Oester of Dallas-based CBRE, which represented the seller.
“The Crossings’ central location and proximity to nearby major retail centers, recreation areas and colleges position it well to provide residents with well-located, high-quality housing. These fundamentals stand to bolster demand for the buyer in the years to come,” Oester said in a statement.
CBRE said the community features the largest apartments in the Tri-Cities, with one-bedroom floor plans averaging 950 square feet and an overall average unit size of 1,172 square feet.
The community features a wide range of amenities, including an outdoor pool with a year-round jacuzzi, resident lounge, cybercafe, billiards room, 24-hour fitness center with playroom, pet area and playground.
The apartments sit on 13.5 acres south of Interstate 182.
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