Lawrenceville Value-Added Community Sold to Local Investor
- Jul 18, 2014
The 98-unit Ashford Way multifamily property at 370 Hurricane Shoals Road changed hands for $5 million, or approximately $51,000 per unit. KENCO Apartment Communities, a multifamily investor with a 50-year background in Atlanta purchased the property from The RADCO Companies. According to a recent announcement made by RADCO’s founder and CEO Norman J. Radow, Atlanta Retailers Association brokered the transaction.
Also based in Atlanta, RADCO is a real estate opportunity development company with a 20-year history on the residential markets of Georgia as well as Illinois, Indiana, Oklahoma and Colorado. The company is focused on redevelopments and its value-add strategy has produced $130 million in private equity over the years to fund its transactions. RADCO’s portfolio includes around 6,300 multifamily units in the aforementioned states with an additional 860 units under contract.
The company purchased Ashford Way out of receivership in December 2012 and paid $29,000 per unit. The community was 71 percent occupied at that time. Built in 1987 in the heart of Gwinnett County, the community has one- and two-bedroom units averaging 752 square feet.
As a result of a $1 million value-added capital improvement, KENCO took ownership of the rebranded property with renovated exteriors, upgraded units, an expanded amenity package and 97 percent occupancy. The average rents have also raised more than $75 per unit during RADCO ownership.
Photo credits: The RADCO Companies