ATLANTA—The Estates at Crossroads, a 3440-unit, class A multifamily community in Atlanta's Duluth submarket, has traded hands. Passco Companies acquired the apartment community, which sits in the white hot Duluth submarket of Gwinnett County, GA.

“The Estates at Crossroads is located in Metro Atlanta's booming Gwinnett County, one of the nation's top-ten fastest growing counties with an impressive 46%  population growth since 2000,” says Colin Gillis, director of acquisitions in the Southeast for Passco. "The growth in the sheer number of people and businesses moving into the area has resulted in strong renter demand for class A housing, making this an extremely smart acquisition for Passco Companies. In fact, Gwinnett County's population growth from 2012-2014 represented over 34 percent of the total population growth seen in the thirteen county area encompassing the Atlanta MSA.”

According to his research, the area's booming population is based on job growth in the region. Metro Atlanta's employment gains are expected to reach near record levels, with more than 140,000 new jobs expected in 2015.

The multifamily property is located within 15 miles of over 55 million square feet of class A office space, including Technology Park Atlanta, Windward Parkway Corridor, Johns Creek Technology Park, and Perimeter Center. Gwinnett County is also home to the headquarters of three Fortune 500 companies, including the AGCO Corporation and Asbury Automotive.

“The Estates at Crossroads is an institutional quality asset that continues to attract many of the area's new and existing workers," Gillis says. "The property has experienced an exceptional organic effective rent growth over the last two years of 13 percent, and continues to lease in excess of 7% over the in-place rents, all while maintaining occupancy levels exceeding 97%. Additionally, the property has maintained a renewal rate well-above the Atlanta average which is a testament to the quality of the asset and location.”

The Estates at Crossroads is located at 2620 North Berkeley Lake Road Northwest in the city of Duluth, Georgia. Built in 2002, the property features one-, two- and three-bedroom units. Amenities include a resort-style pool with sundeck, a clubhouse and cafe, fitness center, a Wi-Fi enabled business center, detached garages, and top-of-the-line tennis facilities.

Chris Black of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.