Passco Cos. LLC, a real estate investment firm specializing in the tenant-in-common structure, has completed the acquisition of Sundance Creek, a Class-A, 232-unit townhouse apartment community in McDonough, Ga. McDonough is located about 30 miles southeast of Atlanta.
Irvine, Calif.-based Passco paid $18 million for the apartment community, which was recently foreclosed on by the seller. The apartment complex was built in 2004. “Passco is moving to expand our holdings in the Southeast,” stated company president William Winn in a press release.
“As the housing market continues to recover, Sundance Creek is advantageously positioned to maximize value and ROI (return on investment) in one of the nation’s most dynamic markets,” added Winn.
Buying the property out of foreclosure creates an opportunity for Passco to improve management and operations, the company believes. The one- and two-bedroom units, each with their own private entrance, occupy 26 two-story buildings. The property includes a clubhouse, resort-style swimming pool and state-of-the-art fitness center.
Passco plans a series of upgrades to the property, including new flooring and finishes in select units and a premium redesign of the clubhouse interiors. The planned changes include the addition of a grassy “Dog Park” to accommodate pets.
Sundance Creek’s location in Henry County provides easy access to major transportation arteries and the Hartsfield-Jackson Atlanta International Airport.