Atlanta Apartments Sell for Nearly $60M
RADCO will rename the community and spend more than $4.5 million on capital improvements.
The RADCO Companies acquired Bell Cheshire Bridge apartments, 318-unit, Class A-minus property in Atlanta, Ga., for $55.5 million, and renamed the community Radius Cheshire Bridge.
This was the company’s 13th acquisition of the year, 65th acquisition since 2011 and its first community in the Lindbergh submarket of Atlanta.
“Bell Cheshire Bridge is a modern, well-maintained asset in a stellar location with rents that were underperforming its submarket,” Norman Radow, The RADCO Companies’ founder & CEO, told MHN. “To date in 2016, we have acquired 13 assets totaling over $300 million in transactions, refinanced 11 of our assets, and sold eight communities. Altogether, we increased our portfolio to approximately 17,000 apartments across nine states in the Southeast and Central US.”
Originally constructed in 2001, Radius Cheshire Bridge is a gated community situated on 10.8 acres in the in-town submarket of Atlanta. The property consists of nine three- and four-story garden-style buildings and features a range of one-, two-, and three-bedroom garden and loft-style floorplans.
Community amenities include a large leasing office and clubhouse with soaring ceilings that is outfitted with a spacious fitness facility, multiple resident lounges, and a billiards room that all overlook the pool. Additional amenities on the property include a nature trail, dog park, car wash, surface parking, detached car garages, and a parking deck. RADCO plans to spend more than $4.5 million on capital improvements to modernize and update the community.
“Our strategy is to buy assets in pro-growth markets that are underperforming their competitive sets,” Radow said. “Bell Cheshire Bridge has those attributes, but is also a modern, attractive community located in the heart of Atlanta’s renaissance. The property is so nice that we are calling it our flagship community and have created a new brand, ‘Radius,’ to reflect the optimism of our company and Atlanta.”
The Lindbergh submarket provides quick, easy commutes to Atlanta’s thriving neighborhoods and employment centers, including Buckhead, Midtown, Emory/Center for Disease Control and Prevention and Morningside.
The company financed the acquisition using a $44.4 million Freddie Mac loan and $18.7 million in private capital. Since August 2011, the Company has raised more than $500 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
