The 330-unit Canal 1535, developed by Dallas-based Provident Realty Advisors and The Kroenke Group of Columbus, Missouri, sold recently to Passco Companies, a privately held commercial real estate firm headquartered in Irvine, California.
The property, formerly known as Canal Crossing, broke ground in 2017 and opened in 2020 following an $80MM+ development. A sale price was not disclosed.
Amenities include a clubhouse with lounge, heated swimming pool, fitness and business centers, a parking garage, a private conference room, a community kitchen and courtyard entertainment area, a 5th-floor deck overlooking Canal Street, a covered putting green, a covered outdoor dog park and dog grooming station, bike storage, package lockers, rentable storage rooms, valet dry cleaning delivery services, a furnished guest suite and trash chutes on each floor. Rents range between $1,539 and $2,365 per month.
National property management firm Greystar will manage the property on behalf of Passco.
“This community is a one-of-a-kind property in an irreplaceable location, situated within a market that rarely sees apartment trade activity,” Colin Gillis, senior vice president of acquisitions at Passco, said in a news release. “We were able to take advantage of a truly once-in-a-generation opportunity to acquire a property of this caliber for a basis far below today’s replacement cost.”
The buyer and seller (Provident) were represented by Mike Kemether of Cushman & Wakefield and Larry Schedler, Cheryl Short and Christian Schedler of Larry G. Schedler & Associates, Inc.