Greystar Acquires Atlanta Property from RADCO Cos.
The sale of the recently renovated 318-unit apartment asset continues a series of deals between the two firms.
Multifamily giant Greystar has acquired a renovated, 318-unit apartment property in Atlanta from The RADCO Cos., following up on a flurry of acquisitions from the same firm in recent months. The community, Radius Cheshire Bridge, changed hands for an undisclosed price.
Built in 2000, the property is located at 2124 Cheshire Bridge Road NE, in the Lindbergh area northeast of downtown. National multifamily firm RADCO acquired the eight-building asset from Bell Partners for $55.5 million in 2016, according to Yardi Matrix. The company recently completed a multimillion-dollar upgrade that repositioned the property and brought new amenities.
Radius Cheshire Bridge offers one-, two- and three-bedroom apartments with features such as oversized walk-in closets. Amenities include a fitness center with a climbing wall, saltwater pool and outdoor pet park. The community is located near Interstate 85 with convenient access to Buckhead and Midtown Atlanta.
RADCO said in a statement that the deal, which was brokered by CBRE, marked the company’s 67th successful property sale during the current real estate cycle. Last month, Greystar acquired City Park Clearwater, a 228-unit community in Clearwater, Fla., from RADCO for $43.5 million.
In September, Greystar acquired three Atlanta-area properties from RADCO for a total of $138.7 million, including the 255-unit Ashford Ridenour, the 296-unit Bridges of Kennesaw, and the 240-unit The Landing at Acworth, all located in Kennesaw, Ga.
Greystar, which has roughly $35.5 billion in assets under management, owns more than 146,000 multifamily units and and student housing beds. RADCO focuses on acquisition and redevelopment in the Southeast and Central regions of the U.S. and has invested in roughly 30,000 units over the past decade.