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SANDY SPRINGS, GA-Bascom Group has acquired the 532-unit Dunwoody Club apartment complex at 7700 Colquitt Rd. for $48 million. The Irvine, CA-based company’s latest area buy factors out to $90,226 per unit.

The seller, Place Properties, was represented by Kevin Geiger, of CB Richard Ellis. Chad Sanderson, Erich Pryor and Paul Zakhary handled the transaction for Bascom. Debt and equity financing was arranged by Robert LaChapelle, Matthew Forgione, Brian Eisendrath and Troy Tegeler, of CRRE Melody.

Constructed in 1982 and 1983, the complex sits on 53 acres and consists of 218 one-bedroom, one-bathroom units; 24 one-bedroom, 1.5-bathroom units; 130 two-bedroom, two-bathroom units; 96 two-bedroom, 2.5-bathroom units; 40 three-bedroom, two-bathroom units and 24 three-bedroom, 2.5-bathroom units. Units range in size from 900 sf to 1,725 sf with an average of 1,238 sf. Asking rents range from $790 to $1,350.

Bascom is planning renovations to the property, including improvements and upgrades to the amenity package, leasing center, fitness center and public amenities. Interior improvements will include carpeting, flooring counter resurfacing, upgraded fixtures and new paint.

The complex is located in close proximity to Interstates 75 and 285 and Highway 400 and is a 12-mile drive to Buckhead, Midtown and Downtown. It is also close to the Perimeter Center, which includes the Perimeter Mall and hotels.

The Dunwoody Club is the Bascom Group’s most recent acquisition in the Atlanta area. Other recent acquisitions include the 208-unit Evans Mill in Lithonia for $10 million. In Marietta, the company acquired the 207-unit Autumn Chase for $11 million and the 654-unit Crescent at Windy Hill for $21 million. The company also recently acquired the 218-unit Highland South apartment complex in Jonesboro for $7.5 million.

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