Passco Adds 400-Unit Two Blocks to Portfolio

Passco Cos. LLC paid $72 million to acquire the Class A, 400-unit Two Blocks multifamily property in Atlanta’s Dunwoody submarket. The seller was the developer, Atlanta-based Pollack Shores Real Estate Group.

The transaction marks Passco’s fourth in the Atlanta market. John Weber, Dan Phelan and Bo Moore from ARA, A Newmark Company, represented the seller. Chris Black of KeyBank Real Estate Capital arranged acquisition financing.

Situated at 4000 Dunwoody Park in Dunwoody, GA, Two Blocks delivered in 2008. The occupancy rate has exceeded 95% during the past two years. The Irvine, CA-based Passco plans to upgrade the property’s interior and exterior, including boosting curb appeal, expanding and updating the fitness center, and installing granite countertops in the  kitchens and bathrooms.

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