RADCO Enters Tennessee Market with $20M Acquisition
- Feb 02, 2017
Chattanooga, Tenn.—The RADCO Companies has acquired the Mountain Creek apartments, a 296-unit Class C-plus community in Chattanooga, Tenn., for $20 million, marking its first entry into the state.
Upon completion of the sale, the company renamed the property, Radius Mountain Creek, which will be managed by RADCO Residential.
“At RADCO, we seek out opportunities where we can be creative and really think outside of the box,” Norman Radow, RADCO’s CEO, told MHN. “Our goal is to create a property that residents are proud to call home. Mountain Creek provides a perfect opportunity for us to transform a property in order to better serve its residents and community.”
Built in 1972, Radius Mountain Creek is situated on 50 acres and consists of 27 two- and three-story buildings with mansard roofs. Averaging 931 square feet, the garden-style and townhome apartments offer a range of one-, two- and three-bedroom floorplans.
The community currently boasts amenities including a fitness center, playground, clubhouse, business center and pool. According to Radow, RADCO plans to invest upwards of $5.5 million, or approximately $22,000 a unit, on capital improvements to modernize the community.
Specifically, RADCO’s capital improvements program will concentrate heavily on removing and replacing the mansard roofs, exterior skin, windows, balconies and balcony doors. Interior renovations in the already oversized apartments will include updated cabinetry, new higher-end appliance packages, cool flooring, a fixture redo, modern lighting, hard-surface counter tops and designer paint.
“Amenity improvements will boast a complete clubhouse remodel, fitness center upgrades, new pool, and outdoor social area additions such as fire pits and grilling areas,” Radow said. “RADCO also plans to initiate exterior lighting upgrades along with heavy landscaping throughout the expansive property to create a rich and inviting sense of arrival and welcoming community atmosphere.”
Radius Mountain Creek is located just minutes from downtown Chattanooga and the city’s employment districts. The property sits on 50 rolling acres with picturesque views of Signal Mountain.
“Chattanooga is a growing market, buoyed by strong healthcare and manufacturing sectors. The property is situated on 50 picturesque acres, offering tranquility just minutes away from the city’s bustling business districts,” Radow said. “Mountain Creek will provide us with an amazing opportunity to be creative and redevelop it into a modern, higher-end community in a terrific location.”