Passco Acquires Luxury Georgia Community for $25.5M
- Dec 20, 2012
Augusta, Ga.—Passco Companies LLC, an Irvine, Calif.-based real estate investment firm, recently acquired The Glen at Alexander, a luxury multifamily community in Augusta, Ga., for $25.5 million. To finance the property, Passco received a $14 million Fannie Mae loan.
The Glen at Alexander, a Class A, 216-unit community, features one-, two- and three-bedroom units ranging from 975 to 1,350 square feet. The apartments all include 9-foot ceilings with crown molding, garden tubs, gas fireplaces, utility rooms with full-size washers and dryers and private patios or balconies.
Amenities for the community include an onsite dog park; pool; clubhouse with a business center, Wi-Fi service, game room, fitness center and tanning beds; playground; putting green; and tennis and basketball courts. Additionally, residents can take advantage of services such as concierge service and valet trash removal.
One benefit of the community is the location. The Glen at Alexander is located in the desirable National Hills neighborhood, which has an average household income of $100,000 a year. The apartments are located near the Georgia Health Sciences University and Medical Center, the Augusta National Golf Course and shopping centers, as well as the Augusta Riverwalk and park.
“Since the property is ideally located near one of Georgia’s most respected medical colleges and academic medical center, there are a great number of medical professionals living in the area and that population is expected to continue to grow,” Bill Win, president, Passco, says.