Passco Cos. Acquires $58M Multifamily Community
The 300-unit luxury property in Augusta, GA was purchased from site developer, Southeastern Development Associates.
AUGUSTA, GA–Passco Cos. has acquired Grand Oaks at Crane Creek, a 300-unit apartment community here. The property developer, Southeastern Development Associates sold the complex for $58 million.
Located at 680 Crane Creek Dr., the fully-stabilized, Class A multifamily complex was completed in 2016 on a 35-acre site. The community offers a saltwater pool, 24/7 fitness center, spin room, yoga studio, sun deck, dog park, pet wash station, cybercafé, courtyard fireplaces, shuffleboards and outdoor kitchen and grills.
Passco Cos. plans to implement various eco-friendly upgrades, including LED lighting, Nest thermostats and low-flow toilets and showerheads. The new owner will also add in-unit washers and dryers.
Southeastern Real Estate Group vice president Chris Senn and Passco Company’s Colin Gillis spearheaded the transaction. Passco Cos. recently sold The Glen at Alexander, a 216-unit multifamily community in Augusta.
Passco Cos. credits the luxury housing demand in the Augusta market to the relocation of the US Army Cyber Command headquarters from Alexandria, Va., to Fort Gordon in Augusta, which is expected to add more than 7,000 new jobs to the Augusta market, with an annual economic impact of more than $150 million.
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