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MARIETTA, GA-Irvine, CA-based the Bascom Group has acquired the 654-unit Crescent at Windy Hill apartment complex at 2121 Windy Hill Rd. for $21.4 million, or $32,722 per unit. The seller of the property was TVO North America.

Kevin Geiger, of CB Richard Ellis, represented the seller. Debt and equity financing was arranged by Brian Eisendrath, Robert LaChapelle, Matthew Forgione and Troy Tegeler, of CBRE Melody. On the buyer’s side, Chad Sanderson, Jeffrey Fuller and Erich Pryor of Bascom handled the acquisition. “We were able to acquire the property at an attractive price,” Sanderson tells GlobeSt.com. “We see a real strong value-add opportunity.”

Constructed in the early 1970s, the complex is located on a 41.5-acre site. It contains 359 units with one bedroom, one bathroom; 37 units with two bedrooms and one and one-half bathrooms and 258 units with two bedrooms and one bathrooms. Unit sizes range from 693 sf to 1,037 sf with an average unit size of 849 sf. Asking rents currently range from $599 to $805. Bascom plans to make capital improvements, including increasing the amenity package and improving the “curb appeal” of the property. “It’s a tired-looking asset that needs capital to update it,” Sanderson says.

Among attributes of the property is its location, in an area with direct access to Interstate 75 and Interstate 285. It is also in close proximity to some of the area’s largest employers including Dobbins Air Force Base, Coca-Cola, IBM and Lockheed Martin Aeronautics.

This is Bascom’s third apartment acquisition in Georgia in recent months. The company also acquired the 218-unit Highland South Apartments community in Jonesboro for $7.5 million, or $34,404 per unit, and the 320-unit Copper Mill community in Norcross for $11.15 million, or $34,843 per unit. “We’re very aggressively pursuing assets in the Atlanta area. We hope to have six assets under ownership by the end of the year,” Sanderson says.

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