Passco Cos. Buys Atlanta Apartments

Noble Vines at Braselton. Image courtesy of Transwestern Real Estate Services

Passco Cos. LLC has acquired Noble Vines at Braselton, a community in the Atlanta metropolitan area city of Braselton, Ga., for $69 million. The sellers were Claret Communities and The Ardent Cos. Transwestern Real Estate Services (TRS) brokered the sale of the 248-unit garden-style property. 

“The team received tremendous interest in this property, because it’s new construction (and) was 100 percent leased at time of sale, with a waiting list,” Mike McGaughy, TRS senior managing director, told Multi-Housing News. “The only real hurdle was property tours, because it was fully leased. Tours were given of the model rather than individual units. We gave about 25 tours to interested investors.” 

Noble Vines is a two-year-old community featuring 10 three-story buildings located on 12 acres of land near the Northeast Georgia Medical Center-Braselton. Also nearby is Chateau Elan Winery & Resort. The property features a unit mix of one-, two- and three-bedroom luxury apartments. Residences range from 821 to 1,414 square feet. A free-standing fitness center with yoga room is among the amenities offered.

Features and finishes of apartments include walk-in closets, balconies, ceiling fans, in-unit washers and dryers and stainless-steel appliances. The property meets the National Green Building Bronze Level sustainable standard.

Transportation ease

With an address at 1500 Noble Vines Drive, Noble Vines at Braselton is situated 1.5 miles from well-traveled I-85. It is located within walking distance of dining, retail hubs and supermarket shopping at Friendship Spring Village and Clearwater Crossing shopping centers.

Along with McGaughy, TRS Senior Managing Director Jon Kleinberg brokered the sale, which represented $278,225 per unit. One month ago, Transwestern brokered the sale of a 608-unit Annapolis, Md., waterfront community, which fetched $154 million.