Passco Sells Atlanta Multifamily Asset
Following a rebranding, as well as extensive interior and exterior upgrades, the company sold the asset well above what it paid for it six years ago.
Atlanta—Passco Cos. recently announced that it has sold one of its Atlanta-area multifamily assets in a deal brokered by ARA Newmark. Known as Sundance Creek, the asset was acquired by the company six years ago for a total of $14.5 million. Passco then rebranded the property from Oxford Creek and added a number of improvements at a time when high-profile employers were rolling out massive expansions.
Located at 575 McDonough Parkway, the community offers 232 one- and two-bedroom townhouse-style units averaging 950 square feet. Residents at the property pay an average of $975 per month for a unit at Sundance Creek, according to real estate data provider Yardi Matrix. Ford, Nestle and AT&T have greatly increased their presence in the market, while Atlanta as a whole is edging closer to becoming a primary market.
Although the price was not disclosed, industry specialists are placing the total at roughly 60 percent higher than what Passco paid six years ago. The asset offers proximity to the I-75, has new interiors and exteriors, and a new dog park and cyber café.
Image courtesy of Yardi Matrix