Sunday, October 11, 2015

Passco Companies Acquires 344-Unit Class A Multifamily Community in Duluth, GA

The Estates at Crossroads, 2620 North Berkeley Lake Road Northwest, Duluth, GA

DULUTH, GA – Passco Companies, LLC has acquired The Estates at Crossroads, a 344-unit, Class A multifamily community located in the highly sought after Duluth submarket of Gwinnett County, Georgia, according to Colin Gillis, Director of Acquisitions, Southeast for Passco Companies.

Colin Gillis
“The Estates at Crossroads is located in Metro Atlanta’s booming Gwinnett County, one of the nation’s top-ten fastest growing counties with an impressive 46 percent population growth since 2000,” explained Gillis.

 “The growth in the sheer number of people and businesses moving into the area has resulted in strong renter demand for Class A housing, making this an extremely smart acquisition for Passco Companies. 

"In fact, Gwinnett County’s population growth from 2012-2014 represented over 34 percent of the total population growth seen in the thirteen county area encompassing the Atlanta MSA.”

Gillis notes that the area's soaring population is based on job growth in the region.  Metro Atlanta’s employment gains are expected to reach near record levels, with more than 140,000 new jobs expected in 2015. 

Gillis notes that the property is located within 15 miles of over 55 million square feet of Class A office space, including Technology Park Atlanta, Windward Parkway Corridor, Johns Creek Technology Park, and Perimeter Center. Gwinnett County is also home to the headquarters of three Fortune 500 companies, including the AGCO Corporation and Asbury Automotive.

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

For a complete copy of the company’s news release, please contact:

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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