RADCO Heats Up in Hotlanta Housing Market
- Aug 27, 2015
Kennesaw, Ga.—Job growth in Atlanta is booming, with development in the engineering, IT, finance and manufacturing sectors. Developer The RADCO Companies (RADCO) is wasting no time taking advantage of the growth in this burgeoning career hub with its recent announcement of its second multifamily purchase in the area. The company acquired the 296-unit Bridges of Kennesaw in Kennesaw, Ga., a suburb just north of Atlanta, for $35 million from Harbor Group International LLC, with Cushman & Wakefield brokering the transaction. The property was acquired with private capital and financing from Freddie Mac.
“We will begin implementing our Bridges of Kennesaw business strategy immediately in order to reposition the community to catch up with the marketplace, which has one of the fastest growing economies in the nation. The property has been stable and performing well for the past several years, but now is the time to take it to the next level,” said Norman Radow, president & CEO of RADCO.
The community includes one-, two- and three-bedroom apartments and townhomes, which average 1,162 square feet. Bridges of Kennesaw’s current amenity package includes two clubhouses, a fitness facility and swimming pools, which RADCO plans to upgrade. The company has designated $3.5 million to improve amenities, upgrade unit interiors and complete infrastructure improvements. RADCO also hopes to expand the property’s existing hiking trail and potentially lobby for its inclusion in the Kennsaw Park Trail System.
Bridges at Kennesaw is conveniently located for commuters off Interstate 75, providing access to Kennesaw State University, Barrett Parkway and Atlanta. This purchase will be RADCO’s 24th in the metro Atlanta area.
Photos courtesy of Great Ink Communications.