California Firm Buys Apartment Building Near Metro Station

Image: Passco Companies has acquired The Shelby, a 240-unit apartment building on North Kings Highway (Passco Companies).

A new apartment building near the Huntington Metro station has changed hands in a $69.5 million deal, the buyer announced Wednesday.

Passco Companies LLC, of Irvine, Calif., has purchased the Shelby, a 240-unit building built in 2014, from Insight Properties.

In a news release, Passco touted The Shelby's central location in the Alexandria area, including "easy access to local lifestyle and retail centers." Located at 6200 North Kings Highway, south of the city, The Shelby is within half a mile of the Huntington Metro, Route 1 and the Beltway (Interstate 495).

The Shelby also offers amenities geared to millennials, Passco said. Many units are decorated with original pieces from more than 40 locally commissioned artists.

Passco Companies has acquired, developed and managed residential and commercial properties throughout the U.S., and is currently involved with 60 properties in 19 states.