Wednesday, November 2, 2016

Passco Companies Acquires 400-Unit Class A Multifamily Community in Highly Sought-After Dunwoody, GA for $72 Million

Two Blocks Apartments, 4000 Dunwoody Park, Dunwoody, GA

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.”

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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