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| 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.
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| 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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