Passco Buys $69 Million Multifamily Property Near Atlanta
Passco Companies LLC, a sponsor of 1031 Delaware statutory trusts and other alternative investments, has acquired Merritt at Sugarloaf, a 424-unit multifamily property in the Atlanta suburb of Duluth, Georgia, for $68.9 million.
Passco Companies LLC, a sponsor of 1031 Delaware statutory trusts and other alternative investments, has acquired Merritt at Sugarloaf, a 424-unit multifamily property in the Atlanta suburb of Duluth, Georgia, for $68.9 million. The property was sold by an affiliate of Roseview Group, a pension fund advisor based in Boston, Massachusetts.
“This acquisition is perfectly-aligned with our strategy to identify multifamily communities in submarkets poised for strong, sustained growth across the country,” said Colin Gillis, vice president of acquisitions, Southeast.
He added, “Gwinnett County has experienced rapid and broad-based job creation throughout the long-running economic growth cycle, with particular emphasis in technology, biosciences and financial services fields. This job growth has brought with it the highest population gains of all counties in the Greater Atlanta area every year since 2010.”
Merritt at Sugarloaf is situated on 68 acres of land and consists of one-, two-, and three-bedroom floorplans. Community amenities include a cyber café, a recently expanded fitness and yoga room, two swimming pools, tennis courts, a playground, outdoor grills, picnic areas, a fire pit, a lake, detached garages and controlled access.
The property, which was built in 1999, is located near the Interstate 85/State Route 316 interchange at 2951 Satellite Boulevard Northwest in Duluth, Georgia. The community is currently 95 percent occupied.
Passco Companies, one of the country’s most active sponsors of Section 1031 exchange investment offerings, focuses on the acquisition, development, and management of multifamily and commercial properties throughout the U.S. The company is headquartered in Irvine, California and currently has $2.5 billion in assets under management. Passco’s real estate services include asset and property management, leasing, as well as property development and construction.
