Since its inception, RADCO has invested in and improved more than a hundred projects of various asset classes. The below case studies demonstrate the results achieved on specific projects. Returns represent past performance and are not a guarantee of future performance.
RADCO Case Studies
RADCO’s geographic footprint is strategically focused in target markets that showcase future job growth potential, advantageous supply/demand balances, and opportunities to leverage the Company’s established operating platform.
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.
Lakeside at Winter Park
Lakeside at Winter Park, formerly known as Park at Sutton Place, was purchase by RADCO is 2016 and was a classic value-add business plan execution. Built in 1986, the property was a solid Class B apartment community in an A+ location when RADCO acquired the asset. RADCO had been strategically targeting Central Florida, and specifically Orlando, as market research exploring migration patterns, cost-of-living, job growth, and available housing to projected growth comparisons all showcased favorable metrics for apartment investing. At Lakeside at Winter Park, a large portion of the tenancy were students at nearby Full Sail University, a unique year-round university focusing on film and graphic design. RADCO’s value-add plan kept this demographic in mind, and focus was spent on redesigning outdated amenities like an indoor racquetball court into a film studio and rock-climbing gym and added a desirable dog park. At acquisition, one of the two pools was not functional, so RADCO brought it back online and upgraded both pools to include common area space and cool furniture. Additionally, the exteriors were painted and modernized while unit interiors were renovated to appeal to the target tenant base. During its four-year ownership, RADCO modernized a tired community and while executing a quintessential value-add business plan.
Ashford 75, formerly known as Mission Galleria, represented an opportunity for RADCO to turn around a prime piece of real estate in a transformational location. The property sat on 27 acres directly adjacent to what is now the new Atlanta Braves Stadium and The Battery, a live-work-play destination surrounding the ballpark. Prior to becoming the new home of the 2021 World Series Champions, the land adjacent to Ashford 75 was forest and home to a large homeless population. Formerly owned by a TIC, or tenancy-in-common (a notoriously cumbersome partnership structure), the property had fallen into extreme disrepair with absentee management. In fact, in the City of Smyrna, 90 percent of the crime reported in the city either occurred in or originated in the property prior to RADCO’s ownership. After closing, RADCO immediately moved to clean out the tenancy of bad actors while investing more than $12 million in deferred maintenance repairs, community improvements, and unit renovations. During RADCO’s six-year ownership period, the property transitioned from a crime ridden, dilapidated eyesore for the community to a prime example of affordable, safe housing benefitting the greater community.
Ground Up Development Multifamily Preferred Equity and Joint Venture Equity Investment
Carmel Vista was a joint venture partnership between RADCO and a ground up development partner. This was RADCO’s second venture with Vista Realty Partners, and represented an opportunity to build garden style apartments at an attractive basis in the at-the-time underserved housing market of McDonough, Georgia. RADCO was able to step in to the project after Vista had already purchased the land, gone through zoning and entitlements, and secured building permits. As such, construction began at the day of closing. After an efficient construction process, the lease up moved quickly as the market was craving additional housing. RADCO and Vista capitalized on the growth recognized by institutional investors in the South Atlanta submarket and sold the asset during its lease up delivering significant returns to LP investors.
Greenwood at Ashley River
Greenwood at Ashley River, formerly known as Reserve at Ashley River, allowed RADCO to purchase a well-located asset with a value-add opportunity at an attractive basis. The property was first put on the market in 2015, and RADCO bid on the asset then and lost. The winner ultimately was unable to close, and it was awarded to another buyer. That buyer then was unable to close, and RADCO was awarded the deal almost a year later but at its original price. The property’s location borders the Charleston International Airport and Boeing’s Dreamliner construction plant. During RADCO’s ownership, more than $3.5 million were invested into the community to address deferred maintenance issues, clean up landscaping and amenities, upgrade units, and improve lighting.