Passco Opens New Office in Austin
- Apr 22, 2015
While Passco Cos. L.L.C. already has an office in Dallas, the call of the Southwest is loud enough for the company to expand its presence in the region. The Irvine, Calif.-based multi-family and commercial property owner and developer just opened a new location in Austin.
Passco is in growth mode and with the new Austin office working in tandem with the Dallas team, the company, Jeff Olshan, vice president of asset management with Passco, stated in a press release, will “deepen our roots in the Southwest, providing our investors with additional expertise in this dynamic investment region.”
There’s good reason to set up shop in Austin. Above-average job growth, in-migration, new household formation and financial barriers to homeownership for the large population of young residents all translate to high demand in the apartment sector, according to a report by real estate investments services firm Marcus & Millichap. Metro Austin will see its already enviable vacancy rate drop 10 basis points to 4.2 percent this year, and the city will experience some of the most significant rent growth in the U.S. with an expected increase of 4.5 percent.
Passco, which returned some of its focus to the retail sector last year after placing the bulk of its attention on multi-family, will also find no shortage of demand for retail in Austin. With the strongest rate of job growth in the country, the city holds the number four position on Marcus & Millichap’s rankings list.
Passco has tapped industry expert Shelli Cusack to serve as director of asset management and lead the Austin office.