March 14, 2018
California-based Passco Companies acquired Merritt at Sugarloaf, a 424-unit multifamily asset in Duluth, GA for $68.85 million. CBRE’s Paul Berry and Shea Campbell represented the seller, an affiliate of Roseview Group, a Boston-based pension fund advisor.
The 95%-occupied property, at 2951 Satellite Boulevard Northwest, is a garden-style apartment community consisting of one, two, and three-bedroom floorplans. Community features include a cyber café, a recently expanded fitness and yoga room, two swimming pools, tennis courts, a playground, outdoor grills, picnic areas, a fire pit, a scenic lake, detached garages and controlled access.
Passco’s Colin Gillis says, “This asset is ideally-situated in a location that offers its residents premier access to employers in the immediate area and throughout the Atlanta MSA. Gwinnett County has experienced rapid and broad-based job creation throughout the long-running economic growth cycle, with particular emphasis in technology, biosciences and financial services fields.”
For comments, questions or concerns, please contact Dennis Kaiser