National multifamily developer completes successful disposition of 416-unit apartment community in Atlanta suburb for $69 Million to Covenant Capital Group
(Atlanta, GA– November 11, 2020) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Ashford 75, a 416-unit apartment community located at 5000 S Lincoln Trace Avenue in Smyrna, GA. The property was sold to a real estate fund managed by Covenant Capital Group, LLC for $69 million.Andrew Mays, Paul Vetter, Matt White and Judy MacManus of Berkadia brokered the sale.
“This is one of the great RADCO turnaround stories,” said Norman Radow, CEO of The RADCO Companies. “The property was dilapidated when we acquired it, and our company turned it into a model community with exceptional amenities, a pleasing presence, and a vibrant tenancy that has bolstered the entire neighborhood.”
Offering amenities including a gorgeous clubhouse and new fitness center with lake views, the pet friendly community consists of one-, two- and three-bedroom apartments and townhouses. Other features include lighted tennis courts and electric vehicle charging stations. Ashford 75 is ideally located adjacent to Truist Park, the home of the Atlanta Braves, and The Battery restaurant, shopping and entertainment center. Proximity to I-75 and I-285 provides the community with easy access to many local and metro Atlanta area attractions.
The RADCO Companies
RADCO was founded in 1994 with the mission of “Building Better Living.” Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets. This transaction marks the 68th successful property sales for RADCO during this real estate cycle with total sales of just over $2.1 billion. For more information, please visit https://www.radco.us.