Spanish Fort’s The Arlington at Eastern Shore purchased for nearly $43M | AL.com

Irvine, Calif.-based Passco Companies LLC has purchased The Arlington at Eastern Shore for nearly $42.975 million.

The 300-unit multifamily development in Spanish Fort was acquired using Fannie Mae financing, Gary Goodman, Passco’s senior vice president of acquisitions, said in a prepared statement.

“With increasing population and job growth anticipated in the region, this property is poised for ongoing strong performance, and we are pleased to be able to provide such a concrete asset to our investors,” Goodman said, noting the property has maintained an average occupancy rate of 96.5 percent during the past two years.

via Spanish Fort’s The Arlington at Eastern Shore purchased for nearly $43M | AL.com.