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| 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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