Atlanta Multifamily Trades for $107M

Avana Lenox

ATLANTA—Passco Cos., a privately-held Irvine, CA-based commercial real estate company, has acquired Avana Lenox, a 423-unit apartment community here. The acquisition brings Passco’s current Atlanta multifamily portfolio to more than 1,800 units. The firm purchased the asset from Greystar, who will remain the property manager for the community, for a total consideration of $106.5 million.

“Greystar successfully executed a well-received, two-tiered renovation program on close to 75% of the property, and our strategy will focus on capitalizing on the remaining renovation upside over the next few years as classic units become available,” Colin Gillis, VP of acquisitions-east, tells GlobeSt.com. “Further, we plan to enhance the curb appeal through exterior improvements, a new roof, and additional amenity enhancements.”