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**Passco Acquires 340-Unit Multifamily Community in Hickory, NC for $71.3M**
Passco has acquired the Preston Ridge Apartments, a 340-unit multifamily community located at 2001 Startown Rd. in Hickory, North Carolina, for $71.3 million. The transaction was brokered by Northmarq, which represented the seller, Lat Purser and Associates.
Preston Ridge was developed in two phases, with the first phase completed in 2020 and the second in 2023. The community offers a mix of one-, two-, and three-bedroom floorplans. Resident amenities include private patios or balconies, a resort-style swimming pool, a fitness center, co-working and lounge spaces, storage units, package delivery lockers, a full community kitchen, yoga room, on-site management and maintenance services, and a dog wash station.
The property’s location offers convenient access to Interstate 40 and U.S. Highway 70 and is in close proximity to various dining and retail options.
The Northmarq Carolinas Multifamily Investment Sales team involved in the transaction included John Currin, Austin Jackson, Andrea Howard, Jeff Glenn, and James Dorsett.
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