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| Two Blocks Apartments, 4000 Dunwoody Park, Dunwoody, GA |
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| Colin Gillis |
DUNWOODY, GA – Passco
Companies has acquired “Two Blocks,”
a Class A, 400-unit midrise multifamily community in the highly-sought after
Dunwoody submarket of Atlanta, Georgia for $72 million.
“Two Blocks is a rare find
in today’s market,” says Colin Gillis,
Vice President of Acquisitions, Southeast, at Passco Companies. “Institutional
quality assets of this nature that provide a strong opportunity for value
creation are hard to come by.
“This property, in
particular, is strategically located within a premier submarket of Atlanta that
provides quality demographics, a highly educated workforce, and immediate
access to a variety of extremely deep and dynamic employment hubs.”
Gillis explains that the
apartment community is adjacent to Atlanta’s largest office market, Perimeter
Center, which boasts over 30 million square feet of office and retail space.
Perimeter Center is home to more than 5,000 companies and 123,000 jobs,
including the national and regional headquarters of several Fortune 500 and
Fortune 1000 companies. The property is also located less than three miles from
Atlanta’s largest medical district, which includes three world-class hospitals
employing over 15,000.
“While the property enjoys
a very close proximity to some of Atlanta’s most important employment drivers,
it enjoys more of a quiet, suburban-like, single-family setting, removed from
the congestion in and around Perimeter Mall. It is an excellent combination of
urban and suburban locations,” says Gillis. “The property also enjoys immediate
access to I-285, GA-400 and I-85, which provides access to an additional
300,000 jobs in surrounding submarkets.”
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| John Weber |
ARA Newmark's Atlanta
team, led by John Weber, Dan Phelan, and
Bo Moore, represented the seller in this transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage
Group arranged acquisition financing for Passco Companies through Fannie Mae.
"Passco was quick to recognize the long-term value Two Blocks presented and then performed flawlessly through an accelerated due diligence and closing timeline," according to one of the brokers involved in the transaction, Dan Phelan, Director of Multifamily Investment Sales for ARA Newmark.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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