Passco Companies acquires luxury multifamily property in northeast Atlanta for $69 million

Transwestern brokers sale on behalf of Ardent and Claret Communities

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Noble Vines at Braselton
Transwestern arranged the sale of Noble Vines at Braselton, a 248-unit garden-style apartment community at 1500 Noble Vines Drive in Braselton, Georgia.

Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team has arranged the sale of Noble Vines at Braselton, a 248-unit garden-style apartment community at 1500 Noble Vines Drive in Braselton, Georgia. Transwestern Senior Managing Directors Mike McGaughy and Jon Kleinberg brokered the sale to Passco Companies, LLC for $69 million, or $278,225 per unit, on behalf of the owners, Claret Communities and The Ardent Companies.

“Noble Vines has been a high-performing asset since it opened, achieving unprecedented lease-up velocity and stabilization within a month of delivery,” said McGaughy. “With high barriers to entry and little new supply, the property fills a gap in the region for modern, luxury multifamily product, providing an opportunity to push rental rates and drive NOI growth.”

Situated on 12 acres near the Northeast Georgia Medical Center-Braselton and Chateau Elan Winery & Resort, Noble Vines consists of 10 three-story buildings with a unit mix of one- to three-bedroom luxury apartments averaging nearly 1,100 square feet per unit. The Class A community offers resort-style amenities, including a pool with expansive sundeck, lounge spaces, a clubhouse with a Wi-Fi café and an oversized, free-standing fitness center with a yoga room.

Noble Vines is conveniently located 1.5 miles from Interstate 85 and within walking distance of restaurants, retailers and grocery stores at Clearwater Crossing and Friendship Spring Village shopping centers. Surrounded by strong demographics, the average household income within three miles of the property is $124,000, and the average home value is more than $350,000.