Ashford Druid Hills
Formerly known as The Parc at Briarcliff, RADCO’s acquisition and business plan execution of Ashford Druid Hills embodied RADCO’s entrepreneurial and opportunistic spirit. The extremely well-located property was originally built in 1965 on a ground lease, a rare instance in Atlanta. During its history, Dekalb County issued development bonds to a non-profit owner that were credit enhanced by Fannie Mae. The non-profit defaulted on the bonds in 2007 and handed the keys to Dekalb County. Fannie Mae ultimately foreclosed upon Dekalb County and place a receiver in place. By the time RADCO purchased the property in 2013, it had fallen into disrepair with substantial deferred maintenance. Other active buyers did not have the bandwidth or creativity to make sense of an asset with such distress coupled with the ground lease, so RADCO was able to purchase the asset at an excellent basis. During RADCO’s six-year hold, almost $20 million was invested in the community to fix substantial deferred maintenance issues, replace windows and roofs, modernize the buildings and amenities, and renovate units. The project required extensive and dedicated property, asset, and construction management, and RADCO’s experienced team delivered an exceptional turnaround. Upon the asset’s sale in 2019, LP investors earned an excellent and above-market return.