California-based Passco Companies is planning to expand its footprint in Florida by opening a new office in Orlando, in anticipation of new multifamily investment locally in the future.
The privately-held real estate company specializes in investment, acquisition, development and management of apartment complexes across the United States, along with other commercial property types.
Passco currently owns eight apartment properties in Florida totaling nearly 2,400 units, four of which are in Greater Orlando. The Orlando office will be the company's seventh in six states.
Brooks Foy, a former senior regional property manager with Greystar in Tennessee, will lead the new Orlando office. Over an 11-year real estate career he has also worked with the Irvine Company, Elmington Property Management and AvalonBay Communities.
"Currently we're running the (Florida) properties out of an Austin, Texas office, so by opening in Orlando we'll be within driving distance of all of them," he told GrowthSpotter. "It will make it a lot easier and more economical to oversee the properties on a monthly basis."
Foy is still working out of Tennessee for the next few weeks, but the company's goal is to open its Orlando office by June or July. He and Jeff Olshan, senior vice president of multifamily, will begin looking for a starter office space in the coming weeks.
The local team will consist just of Foy in the beginning. Passco's national network of offices allow analysts in any market to contribute to others, so hiring for the Orlando office will occur as talent presents itself, Foy said.
Foy will oversee the management of Florida assets and serve as face of the firm in its expansion efforts in Central Florida.
The company is "aggressively going after a bunch of markets" but Florida will be prioritized, he said.
Passco favors multifamily assets with 150 units or more in its target secondary markets, expansive job growth, superior amenities, strong demographics, walkability or transit access, and high barriers to new development, said Stacy Stemen, vice president of corporate marketing. It is open to Core, Core-Plus, Lease Up and Value-Add classifications, and will consider portfolio deals.