SANDY SPRINGS, GA-Irvine, CA-based the Bascom Group has acquired the 308-unit Mission at Sandy Springs apartment community at 5555 Roswell Rd. NE. The seller of the property was Mission Residential.
The acquisition price was not released, but earlier this year, the company acquired the 532-unit Dunwoody Club apartment complex at 7700 Colquitt Rd. in Sandy Springs for $48 million, or $90,226 per unit, as GlobeSt.com previously reported.
Chad Sanderson and Paul Zakhary, of Bascom, represented the company in the latest transaction. Atlanta-based Ram Partners LLC will provide property management services. Debt and equity financing was arranged by Robert LaChapelle, Matthew Forgione, Brian Eisendrath and Troy Tegeler, of CBRE Melody.
Built in 1968, the property sits on 15.97 acres and has a total of 385,250 sf. Among features of the property are a clubhouse with clubroom, swimming pool, fitness center and laundry facilities The property is located along Roswell Road, directly across from the Prado retail center redevelopment. It is also located in the Perimeter Center office market, which is anchored by the Interstate 285/GA 400 interchange.
"We really liked the property because of what's happening in the area," Sanderson tells GlobeSt.com. "It's right across the street from the Prado, a retail property that's being redeveloped with the addition of a grocery center, Super Target and several restaurants."
Sanderson says the company plans to make some modest improvements to the 92% occupied property. "This property is in a good position to benefit from some additional amenities," he says.
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