The RADCO Companies Completes 14th Acquisition of 2016 with $60 Million Purchase of Legends at Dunwoody
Atlanta-Based Developer Now Owns 24 Communities in Metro Atlanta
(ATLANTA – December 20, 2016) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its 14th acquisition of 2016 with the closing of Legends at Dunwoody apartments in Atlanta, Georgia. The 532-unit, Class B-minus property was renamed Radius Sandy Springs. It will be proudly managed by RADCO Residential, the Company’s proprietary management platform. Radius Sandy Springs is RADCO’s 66th acquisition since 2011 and its second community under its new Radius brand.
RADCO plans to spend upwards of $8.7 million on capital improvements to modernize the community, update its oversized apartments, and reset its economic clock. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. Since August 2011, the Company has raised over $500 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
Radius Sandy Springs is advantageously located in the Perimeter Center Economic Corridor of Sandy Springs. The area encompasses well over 100,000 jobs, including the State Farm and Mercedes Benz headquarters, and nearly six million square feet of retail space. Additionally, Georgia State Route 400 and the North Springs Metropolitan Atlanta Rapid Transit Authority (MARTA) Station can both be reached in five minutes or less from the property. The community conveniently shares a property line with the Spalding Bridge apartments, another successful RADCO community.
“Radius Sandy Springs is the ideal RADCO acquisition to close out 2016. It has all the trademark qualities we look for that define a great value-added opportunity. Nearly every single apartment is it original condition, and the community is located in an excellent market that is exploding with growth,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies.
Built in 1980, Radius Sandy Springs is a sprawling community situated on 53.3 acres in the Sandy Springs submarket of Atlanta. The property consists of 60 three-story buildings with Hardiplank and vinyl siding. Averaging 1,238 square feet, the spacious garden-style apartments offer a range of one-, two-, and three-bedroom floorplans. The community amenities include a large multipurpose leasing office and clubhouse, spacious fitness center, dog park, lighted tennis court, pool with a sundeck, and grill stations throughout the property.
RADCO plans to transform the look and feel of the property through unit interior upgrades, building repairs, and common area amenities enhancements. Specifically, RADCO’s capital improvements program will concentrate heavily on renovating unit interiors with a higher-quality finish level that includes updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. The scope for the value-added amenity improvements includes a complete clubhouse remodel, pool deck expansion, new pool, new dog park additions, and tennis court refurbishments. RADCO also plans to initiate exterior lighting upgrades and heavy landscaping throughout the expansive property to create an enhanced sense of arrival and welcoming community atmosphere.
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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 approximately 17,000 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas, Florida, and North Carolina.