ATLANTA—Two Blocks, A Class A, 400-unit midrise multifamily community in the Dunwoody submarket of Atlanta, has traded hands. The sale price: $72 million. Passco Companies acquired the multifamily property.
Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, the Two Blocks multifamily community has demonstrated effective rent growth of more than 11% for the last two years. That's despite its lack of key unit upgrades and amenity enhancements while maintaining occupancy rates exceeding 95%.
“Two Blocks is a rare find in today's market,” says Colin Gillis, vice president of acquisitions, for the Southeast at Passco. “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.”
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