KENNESAW, GA—Passco Companies, LLC has purchased the 238-unit Twenty25 Barrett apartment complex here for $38.8 million.

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

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

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

“Twenty25 Barrett's prime location in this booming business-centric market will fuel progressive rent growth and demand for quality housing for years to come, making this a strategic acquisition for our investors,” Goodman says. “Cobb County's Platinum Triangle area currently boasts more than 24 million square feet of office space. The area has also attracted four Fortune 500 companies, including Home Depot, Coca-Cola enterprises, Genuine Parts, and First Data.”

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