KENNESAW, GA—Passco Companies, LLC haspurchased the 238-unit Twenty25 Barrett apartmentcomplex here for $38.8 million.

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The recently completed property is located at 2025 Barrett LakesBlvd. in the Atlanta suburb of Kennesaw. The community, built byAMLI Development, features units that average 990 square feet insize. Many units feature 9- to 11-foot ceilings, attached garages,granite countertops, prep islands, stainless steel appliances andwood floors, company officials say.

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“Twenty25 Barrett is an institutional level multifamily asset,located in the rapidly growing economic hub of Cobb County,” saysGary Goodman, senior vice president acquisitionsof Irvin, CA-based Passco Companies. “The asset's location isdirectly aligned with Passco's 'Next 10' acquisition strategy,through which we acquire properties in markets that are poised forgrowth and expansion over the next 10 years.”

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He says the strong business climate in Cobb County, along withthe nearby Kennesaw State University, should provide the propertywith renter demand.

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“Twenty25 Barrett's prime location in this boomingbusiness-centric market will fuel progressive rent growth anddemand for quality housing for years to come, making this astrategic acquisition for our investors,” Goodman says. “CobbCounty's Platinum Triangle area currently boasts more than 24million square feet of office space. The area has also attractedfour Fortune 500 companies, including Home Depot, Coca-Colaenterprises, Genuine Parts, and First Data.”

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In addition, the region is home to a number of other majoremployers, including Lockheed Martin Aeronautical Systems, IBM,CBeyond, Worldspan, Wellstar, and GE Energy.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.