RADCO Acquires Apartment Community In Metro Atlanta For $53M

(ATLANTA, NOVEMBER 16, 2015) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, has purchased the 561-unit Columns at White Oak apartment complex in Newnan, GA for $53 million.  Re-named Creekside at White Oaks, this property boasts an impressive amenity list with three pools, two large fitness centers, a private fishing lake, dog and play parks, grilling and gathering areas, balconies and garages.  ECI Group sold the property, located in the sought after suburb of Newnan, just southwest of Atlanta.  Cushman & Wakefield brokered the transaction.

RADCO financed the acquisition with private capital and financing from CIBC Bank. Since August 2011, the company has raised $330 million of private capital to fund its purchases.

This premier community was built in four phases with various finishes and styles beginning in 1991. Additional phases followed in 1997 and 1998, and the final phase included a townhome-style in 2002.  The sprawling community includes one-, two-, three- and four-bedroom units across 45 buildings. The property sits on just over 46 acres with two entrances on Lakeside Way, which intersects with Shenandoah Boulevard and Highway 34 (Bullsboro Road) one-mile east of I-85.  The property is just eight miles west of Peachtree City with convenient access to Hartsfield-Jackson Airport and highly rated schools with an average rating of 7/10 by Greatschools.org. 

The Newnan area offers easy access to major employers such as KIA, PetSmart, Kraft and Electrolux. There are also three major medical centers within two miles of the property, including Piedmont Hospital, built in 2012 and currently undergoing a $1million expansion, and the Cancer Treatment Centers of America.  Pinewood Studios, the British movie studio that produced the James Bond and Harry Potter franchises, opened Phase I of their three-phase studio project in January 2014 in Fayette County.  This 288-acre studio facility expects to create up to 3,000 jobs upon full build-out.  There are also three thriving retail centers within a one-mile radius of the Creekside at White Oaks property, including the newly developed Forum at Ashley Park with tenants such as Belk, HHGregg and Barnes & Noble. 

“Newnan has seen strong job and population growth over the past decade primarily driven by a rapidly growing health care sector and strong public schools. Columns of White Oak has a great location within the submarket and has been very well maintained by previous ownership, making it an excellent candidate for our value-added business plan. We are excited to add Columns to our portfolio,” said Robert Clarke, Executive Vice President and CFO of RADCO.

RADCO will invest about $5.5 million to renovate the multifamily asset.  The most significant projects in capital improvement plan are common area and amenity center upgrades.  The company will reconfigure and renovate the clubhouse and leasing center to include additional modern lounge space.  There will be significant enhancements to the look and feel of the fitness center, as well as brand new equipment.  The community will also have a new state-of the-art playground installed.  The pool deck areas will get upgraded furniture and seating, and outdoor gas grilling stations for residents to enjoy.  In addition, there is a design plan for upgrades to the interior unit finishes as well as exterior curb appeal, including an enhanced landscape plan.

RADCO’s portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of December.

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The RADCO Companies

RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include 14,000 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.