Passco Buys Georgia Community for $58M
- Aug 06, 2019
Southeastern Development Associates has sold Grand Oaks at Crane Creek, a 300-unit, Class A apartment community in Augusta, Ga., which it completed in 2016. Privately held commercial real estate firm Passco Cos. acquired the property for $58 million.
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The fully stabilized property is located at 680 Crane Creek Drive, west of the city center and within walking distance of a new 50,000-square-foot retail center anchored by a Sprouts Farmers Market. The community is also nearby interstates 20 and 520 and the large-scale Augusta Exchange shopping center.
Southwestern took several years to acquire the well-located, 35-acre development site and wasn’t eager to offload the property, President Mark Senn indicated in a statement. He added that Passco’s diligent pursuit of the asset was a factor in the decision to sell.
The property, which is more than 93 percent occupied according to Yardi Matrix data, features luxury finishes and amenities such as a saltwater pool, cybercafe and courtyards with fireplaces. Passco plans to add washers and dryers to each unit and to make sustainable upgrades to the property, including new LED lighting, NEST thermostats, and low-flow toilets and showerheads.
Tapping cyber-driven growth
The U.S. Army Cyber Command recently moved to Fort Gordon in Augusta, and the presence of the cyberspace defense center has helped drive economic growth in Georgia’s second-largest city. Augusta is expected to add more than 7,000 new military and civilian jobs and 6,500 dependents by the end of 2023, according to a forecast by the Terry College of Business at the University of Georgia.
Passco currently has $2.9 billion assets under management across the U.S. and is expanding its portfolio in primary and secondary markets. The deal for Grand Oaks follows the company’s acquisition of a 380-unit community in San Antonio in June.