Passco Acquires Augusta Apartment Community for $58M
Privately-held commercial real estate company Passco Cos. acquired Grand Oaks at Crane Creek, a 300-unit, apartment community in Augusta for $58 million. Passco purchased the asset directly from the developer of the property, Southeastern Development Associates.
The property was completed in 2016, and features granite countertops, stainless steel appliances and faux wood flooring. Amenities include a pet wash station and dog park, as well as a 24-hour fitness center, grilling areas, shuffleboard and controlled access gates.
The community is also nearby a newly-developed 50,000-square-foot retail center anchored by organic grocer Sprouts, and is close to Interstates 20 and 520. 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.
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- ◦Sale/Acquisition
