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| Grand Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment community at 680 Crane Creek Drive in Augusta, GA |
Augusta, GA — Passco
Companies, a privately held California-based
commercial real estate company that specializes in acquisition, development,
and property and asset management throughout the U.S., has acquired Grand
Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment
community in Augusta, Georgia.
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| Colin Gillis |
Passco acquired the
asset directly from the property’s developer, Southeastern Development
Associates, for a total consideration of $58 million.
The property, which was completed in 2016, is distinctly Class A,
including luxury amenities and finishes such as granite countertops, stainless
steel appliances, faux wood flooring, and a contemporary resident amenity
package.
“This is a proven asset that has demonstrated impressive pent-up demand
for luxury housing in the Augusta market,” says Colin Gillis, Vice
President of Acquisitions East at Passco Companies.
“Driven by sound
market fundamentals and an affluent resident base, the property is well-aligned
with Passco’s continued investment strategy, through which we acquire
strong-performing assets in secondary markets with robust in-place growth
drivers.”
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| Mark Senn |
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| Chris Senn |
Grand Oaks at Crane Creek also benefits from its exceptional location,
according to Gillis. The property is walkable to a newly developed 50,000
square-foot Class A retail center anchored by high-end organic grocer,
Sprouts.
The asset is in close proximity to Interstates 20 and
520, and is a two-minute drive from the 750,000 square-foot Augusta Exchange
shopping center – one of the largest retail centers in the region.
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| John W. Lee Jr. |
Passco plans to implement a series
of eco-friendly upgrades to the property, including new LED
lighting, low-flow toilets and showerheads, and Nest thermostats. The company
will also add washers and dryers to each unit.
Grand Oaks at Crane Creek already offers a host of
competitive community amenities, including a pet wash station and dog park; a
24/7 fitness center with high-tech cardio stations, a spin room, and a yoga
studio; a resort style saltwater pool with a sundeck and a pool pavilion with
outdoor kitchen and grilling areas; controlled access gates; shuffleboard; a
cybercafe and Wi-Fi enabled amenity areas; as well as several courtyards with
fireplaces.
Grand Oaks at Crane Creek is located at 680 Crane Creek
Drive in Augusta, Georgia.
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| Grand Oaks at Crane Creek interior |
Mark Senn, President of Southeastern, the developer and seller of the
luxury apartment community, explains: “We were not necessarily eager to sell
this exceptional property. It took us several years to acquire the 35-acre,
best-in-market development site, located within walking distance to several
restaurants and retail with great interstate visibility.”
He also notes that of the approximately 1,000 units that
Southeastern develops each year, this is the first in Augusta, where the firm
is based.
John Lee, Jr., Senior Vice President of Southeastern
adds: “We chose to sell this asset to Passco based on our long relationship
with their team and their diligent and respectful pursuit to purchase this
community.
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| Purchased from Southeastern Development Associates, the property is the first luxury apartment development in the Fort Gordon, GA military community |
"Our Vice President Chris Senn and Colin Gillis
at Passco were instrumental in spearheading this transaction. It has been a
very smooth and professional process.”
Coinciding with the acquisition of Grand Oaks, Passco
has just sold The Glen at Alexander, a 216-unit multifamily community in
Augusta that the firm acquired in 2012.
“During our seven-year hold period, the Passco team created
tremendous value in this asset, making this a well-timed sale that will deliver
strong disposition proceeds,” says Gillis. “We remain focused on our
investments in this market, and look forward to achieving similar success with
Grand Oaks.”
CONTACTS:
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
