California-based Passco recently bought the 423-unit Avana Lenox community from Greystar Real Estate Partners, based in Charleston, S.C., for $106.5 million. Greystar will stay on as the property manager. The community is located about 7 miles north of downtown Atlanta in the highly desirable Buckhead neighborhood. Paul Berry of CBRE’s Investment Properties Multifamily represented Greystar in the transaction.
“Avana Lenox is a once-in-a-generation acquisition due to its rare positioning as one of the last garden-style multifamily communities constructed in Buckhead,” said Colin Gillis, vice president of acquisitions, East, for Passco. “In addition to the exceptional, low-density site and huge floor plans, our team was drawn to this property because of its irreplaceable location, which allows the property to enjoy ‘dual’ Buckhead and Midtown identities.”
The property was built in 1998 and is situated on 15 acres. It offers some the largest floor plans in the market with an average of 1,203 square feet, which is over 40% larger than new development averages. Most of the units have been renovated in recent years with amenity offerings upgraded to Class AA.
The leasing center, fitness center, club rooms, and pool area have also been refreshed. Other amenities include a resort-style pool, a fire pit, a game room with billiards, a shuffle board, a conference room, a package locker system, and tennis courts.
The unit mix includes one-, two-, and three-bedroom floor plans, with 82 units of two-story loft floor plans and 16 townhomes with attached garages. Passco intends to renovate select units by replacing flooring and fixtures. Unit features include granite or quartz countertops, stainless steel appliances, plank flooring, walk-in closets, refinished white cabinetry, and full-size washers/dryers.
“Passco plans to follow the lead of previous ownership and their proven-out renovation strategy to modernize select units with updated flooring and fixtures, creating additional value and strong cash flow without significant capital investment,” said Gillis. The acquisition brings Passco’s current Atlanta multifamily portfolio to more than 1,800 units.
