Passco Offloads Buckhead Rental Asset for $87.5M
ORIX Corporation USA purchased The Kendrick, a 423-unit multifamily property, for $87.5 million. Built in 1998, the garden-style multifamily community is located in Atlanta’s Buckhead neighborhood, near major employment, retail and entertainment centers. The business plan includes capital improvements to modernize units and common areas. It was part of a three multifamily portfolio totaling 1,029 units in Texas and Georgia.
The Atlanta Business Chronicle reports that Passco Companies was the seller. The company purchased the community in late 2019 for about $106 million.
The community is located along Canterbury Road near the interchange of Interstate 85 and State Route 400, about 2.5 miles south of Buckhead’s commercial corridor.
Apartment homes offer one-, two- and three-bedroom floor plans and measure up to 2,300 square feet. Amenities include a pool area, an aqua lounge, tennis courts, a three-story clubhouse with a game room and a club-style fitness center.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout