Luxury Apartments Canal 1535 sells to a California company | The rhythm of Canal Street

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by CSB Staff • May 9, 2022 • News • Comments (0) •
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The 330-unit Canal 1535, developed by Dallas-based Provident Realty Advisors and The Kroenke Group of Columbus, Missouri, was recently sold to Passco Companies, a private commercial real estate company headquartered in Irvine, Calif.

The property, formerly known as Canal Crossing, was debuted in 2017 and opened in 2020 following an over $80 million development. A sale price was not disclosed.

Amenities include clubhouse with lounge, heated swimming pool, fitness and business centers, garage, private conference room, communal kitchen and courtyard entertainment area, 5th floor terrace floor overlooking Canal Street, an indoor putting green, an outdoor covered dog park and dog grooming station, bike storage, parcel lockers, storage rooms for rent, dry cleaning delivery services, a guest suite furnished guests and waste chutes on each floor. Rents vary between $1,539 and $2,365 per month.

National property management company Greystar will manage the property on behalf of Passco.

“This community is a one-of-a-kind property in an irreplaceable location, located in a market that rarely sees commercial apartment activity,” Colin Gillis, senior vice president of acquisitions at Passco, said in a press release. “We have been able to take advantage of a truly unique opportunity to acquire a property of this caliber for a basis well below today’s replacement cost.”

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.

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