Passco Companies announced its purchase of the 300-unit Crane Creek Apartments in Augusta, GA for $58,000,000. According to Costar, this property traded off-market at a 5.73% Cap Rate with a 5% vacancy at time of sale. The sale price equates to about $193,333 per unit.
Passco plans to make a a number of improvements to the already luxurious property including LED lighting, Nest thermostats, and energy-efficient toilets and shower heads.
Chris Senn at Southeastern and Colin Gillis at Passco handled the transaction. Growth due to US Army Cyber Command relocation has been credited with driving Augusta’s growing luxury apartment demand. According to UGA’s Terry college of Business Augusta is expected to add more than 7000 new jobs and 6500 dependents by the end of 2023.
Multihousing News Article: https://www.multihousingnews.com/post/passco-buys-georgia-community-for-58m/
Alex Griffin’s blog on Augusta Economics: http://www.blanchardandcalhoun.com/blog/uga-augusta-job-growth-to-lead-ga-in-2019/