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The District Lofts were sold to a California-based real estate investment firm only slightly more than a year after they were completed.

District at Eastover loft apartments bought by investment firm

By JACK WEATHERLY
jack.weatherly@msbusiness.com

About a year after the District Lofts apartments were completed, the 261-unit complex in Jackson’s District at Eastover was sold.

The buyer, Passco Cos. LLC of Irvine, Calif., a private real estate investment firm, secured a $30.6 million loan from KeyBank, according to multifamilynews.com.

But that is not the purchase price, said Breck Hines, a co-developer of the District at Eastover.

The actual figure is higher, but it cannot be revealed because of a confidentiality agreement, Hines said in an interview. The reporter for the online news organization said in an email: “the actual sale price was undisclosed,” just the loan amount revealed in a release from the Cleveland, Ohio-based bank.

The transaction shouldn’t be seen as a “surprise,” it’s just the nature of development, Hines said.

Arlington Properties is still managing the property, Hines said, which, according to the multifamilynews.com article, was completed in 2017 and had a 92.7 percent occupancy rate at the time of the transaction.

The Lofts are composed of 132 one-bedroom and 113 two-bedroom units and 16 three bedroom units.

Another change is underway in the 21-acre development.

Cantina Laredo, which closed on Feb. 25, will be replaced by another Spanish-flavored restaurant.

MH Ventures, owned by Ray-Scott Miller, will open the Sophomore Spanish Club in its place. MH Ventures also owns and operates Fine & Dandy, across the green space from the Cantina Laredo and its replacement, according to Hines.

The newest restaurant, which Hines said is expected to open in the first week of August, is undergoing a makeover.

In announcing the closing of Cantina Laredo, Hines said that “we asked Cantina’s parent company if we could be partners with them in this restaurant and they obliged.”

“Despite Cantina Laredo’s success, we’ve come to understand that independent, local restaurant concepts are better for this market and more closely aligned with our vision for The District at Eastover.”

The district’s partnership was with Consolidated Restaurant Operations Inc. of Dallas, which, according to its website,  operates more than 91 full-service and 24 franchise restaurants in 17 states, the United Kingdom, the United Arab Emirates and Egypt.

The most recent retail shop to open is Chipper & Coco. Owner Ann Somers says the store is an expression of her personal commitment to providing quality products and services for pets.

As a long-time supporter of Community Animal Rescue and Adoption (CARA), Somers chose to retire early as an architect and open a different kind of pet store.

The store has dogs and cats available for adoption and donates a percentage of all profits to CARA.

Hines said retail space at Eastover is 90 percent filled and plans for a two-story office building are on the drawing board.

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About Jack Weatherly