Passco acquired Preston Ridge, a 340-unit multifamily community located in Hickory, North Carolina. Situated on approximately 24.1 acres, the property offers a mix of one-, two- and three-bedroom apartment homes across 17 buildings, including 13 residential buildings and four detached garage structures with 36 garages.
Completed in two phases in 2020 and 2023, Preston Ridge features modern construction in a scenic, forested setting that offers residents a blend of natural surroundings and upscale living.
The community is positioned near key retail corridors and employment centers, supported by strong rent-growth fundamentals and additional upside through operational enhancements.
Preston Ridge features thoughtfully designed apartment homes with modern finishes, smart-home technology and private outdoor space. Residents also have access to a wide range of community amenities, including a resort-style pool, fitness and wellness spaces, coworking areas, walking trails, pet-friendly conveniences, package lockers and EV charging.
As part of its Q1 activity, Passco completed the acquisition of its largest multifamily investment to date in the Boston Metropolitan Statistical Area (MSA), further strengthening its presence in high-demand, supply-constrained markets. Passco acquired the asset located within Tuscan Village, in Salem, New Hampshire, which will be rebranded as Novella at Tuscan Village.
The property is a 230-unit apartment community situated on approximately 1.615 acres, offering a mix of studio, one-, two- and three-bedroom residences within a single, highly amenitized building.
Novella at Tuscan Village features upscale apartment homes with designer finishes and spacious layouts, including premium appliances, custom walk-in closets, 9- to 11-foot ceilings and built-in desks and bookshelves. Community amenities include a resident lounge with a gourmet entertaining kitchen and modern workspaces, three resort-style courtyards, outdoor gathering areas with a pool table and fire pit seating, grilling and open-air dining areas, a fitness center, dog park, smart package room, and EV charging stations.
Continued Growth and Outlook
"Passco's strong start to 2026 reflects our continued focus on acquiring high-quality assets in growth markets while delivering value to our investors," said Colin Gillis, Chief Investment Officer at Passco. "From expanding in major metropolitan areas like Boston, to identifying opportunities in high-growth secondary markets such as Hickory, we remain committed to strategic investments that align with long-term demographic and economic trends."
With a robust pipeline and strong market positioning, Passco expects continued momentum throughout 2026 as it continues to scale its multifamily platform nationwide. The firm was awarded Allure at Edinburgh during Q1, a newly delivered, 280-unit Class A multifamily community located in Chesapeake, Virginia within the Hampton Roads region. The acquisition recently closed in April and will be reflected in Passco's Q2 transactional activity.
"We are continuing to build with intention, focusing on quality and long-term performance," said Larry Sullivan, President of Passco Companies.
About Passco Companies
Passco Companies is a vertically integrated real estate investment firm specializing in the acquisition, development, and management of multifamily and commercial properties throughout the United States. With approximately $4.3 billion in assets under management across 17 states, Passco is dedicated to delivering strong, risk-adjusted returns through disciplined investment strategies and operational excellence.
Media Contact:
Dayna Abdel
Vice President, Corporate Marketing
Passco Companies
[email protected]
949.263.7933
SOURCE PASSCO COMPANIES
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