Source: The RADCO Companies / #Multifamily #Apartments
ATLANTA, GA - The RADCO Companies, one of the nation's leading real estate turnaround specialists, is continuing its strategy of acquiring distressed residential communities with its purchase of Defoors Ferry West in Atlanta, Ga. RADCO acquired the 297-unit apartment community for $16 million. The announcement was made by the company's founder and CEO, Norman J. Radow.
Following the acquisition of Defoors Ferry West, RADCO's current portfolio includes more than 5,700 multifamily units. RADCO financed the purchase through a mixture of bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions.
"We are excited to continue investing in the Atlanta market, as it serves as our home base, and we are deeply committed to improving the region," said Mr. Radow. "Our plan for Defoors Ferry is to rebrand and reposition the property as Ashford 2788. We will improve and enhance the overall experience for residents with a new leasing center, additional amenities and unit upgrades."
Defoors Ferry West is situated on more than 28 acres at 2788 Defoors Ferry Road in Atlanta's West Midtown neighborhood. The property contains 48 two-bedroom/two-bathroom units, while the remaining apartments are all two- and three-bedroom townhomes. The asset is 99% occupied, excluding 10 down units that are being restored as part of the contract.
The all-brick community is located in a prime, in-fill location that is one of the largest contiguous parcels in town. The complex features easy access to I-285, the city's perimeter highway, along with I-75, the primary north/south interstate that traverses through the heart of downtown Atlanta.