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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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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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