WOODBRIDGE, VA — Passco Companies, a privately held California-based commercial real estate company has acquired The Preserve at Catons Crossing, a 200-unit, mid-rise apartment community in the Northern Virginia submarket of Woodbridge, Virginia. Passco was attracted to The Preserve at Catons Crossing based on the asset’s strong track record and location in a submarket that has no multifamily development in the pipeline, despite several demand drivers and strong positioning for further growth, according to Gary Goodman, the firm’s senior vice president of acquisitions. “This opportunity to acquire this solid core asset in a stabilized, supply-constrained market is perfectly aligned with our multifamily investment strategy,” said Goodman. “With no competing properties under construction nor in lease-up, we anticipate healthy, sustained resident demand.” Goodman explains that the asset, which has maintained an occupancy rate of 95% and higher throughout the pandemic, will benefit from a diverse and growing job market. “The Preserve is located immediately adjacent to a state-of-the-art, 240,000 s/f Kaiser Permanente medical center currently under development, which will provide a solid resident base,” said Goodman, who notes that the facility, planned to be completed next year, is anticipated to support approximately 450 employees. “Further, the apartment community is within a 30-minute commute of Amazon’s HQ2 development in National Landing, which will not only bring thousands of jobs to the region over the next several years, but is expected to be a boon for the greater Northern Virginia and Washington, D.C. metropolitan area, driving up demand for apartments throughout the region.”