Friday, July 22, 2016

Passco Companies Sells 232-Unit Class A Multifamily Asset in Metro Atlanta, GA

Gary Goodman
ATLANTA, GA – Passco Companies, LLC has sold Sundance Creek, a 232-unit multifamily community in the Atlanta submarket of McDonough, Georgia.

 Passco Companies initially acquired the asset for $14.5 million. The sale price was not disclosed, however, industry sources place it at approximately 60-percent above that purchase price.

“We recognized the potential in this asset and submarket early on, and we were able to reap the benefits of its rapid growth in order to bring the property full cycle,” said Gary Goodman, Senior Vice President of Acquisitions for Passco Companies. 

Passco initially acquired Sundance Creek in 2010, a time when many investors were focused only on primary markets, according to Goodman.

“Passco’s investment strategy has always been forward-looking, and this asset exemplifies that,” Goodman says. 

“We identified McDonough as a submarket where employment growth and expansions were planned. Since the property was an REO resulting from a foreclosure it was acquired well below replacement cost at a favorable purchase price.

“We upgraded the asset to include in-demand rental amenities, and were able to sell at a premium price after the planned expansions came to fruition.”

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

Devin Ugland / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

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