Dealmaker: Passco Cos. Acquires Georgia Apartments for $58M

Passco Cos., Irvine, Calif., acquired Grand Oaks at Crane Creek apartment community in Augusta, Ga., from Southeastern Development Assocs., Augusta, for $58 million.

Southeastern Development Assocs. built the stabilized 300-unit Class A community in 2016.

Passco Cos. Vice President of Acquisitions Colin Gillis said Augusta is positioned for continued growth. He cited the U.S. Army’s Cyber Command headquarters, which relocated from Alexandria, Va. to Augusta’s Fort Gordon, as a driving force behind local economic expansion.

“Driven by a cyber boom and tremendous capital investment into this new military hub, this market is slated to add 7,000-plus new military and civilian jobs with an annual economic impact exceeding $150 million,” Gillis said, noting economists project Augusta to be Georgia’s largest growth market this year.

Located at 680 Crane Creek Drive, Grand Oaks at Crane Creek is walking distance to a new 50,000-square-foot Class A retail center anchored by organic grocer Sprouts and close to Interstates 20 and 520.

Passco recently sold The Glen at Alexander, a 216-unit Augusta community the firm acquired in 2012.