RADCO Pays $25M for Atlanta-Area Property
- Jun 25, 2019
RADCO has acquired Stonegate at Eagles Landing, a Class A community in Stockbridge, Ga., and rebranded the property as Crossings at Eagle’s Landing. The seller was identified as Procaccianti Cos., which purchased the 167-unit property in late 2016 for $20.8 million, per Yardi Matrix data.
The Class A community will be managed by the buyer’s proprietary management platform, RADCO Residential.
Originally constructed in 2006, the property is situated on 29 acres and has eight two-, three- and four-story buildings. Located at 700 Rock Quarry Road in the growing metro Atlanta suburb of Henry County, Crossings at Eagle’s Landing offers one-, two- and three-bedroom units.
Unique community amenities include:
- an outdoor fire pit
- car care center
- gift wrapping station
The deal was the first acquisition of 2019 for RADCO. The Atlanta-based developer is no stranger to the Henry County submarket, acquiring Crossing at McDonough, a 252-unit property in McDonough, Ga., in 2015.
The company is also one of the largest owners and operators of apartment homes in Metro Atlanta with a portfolio that includes nearly 17,000 units in Colorado, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas as well.
RADCO is planning $1.2 million in capital improvements to Crossings at Eagle’s Landing and will install a cutting-edge service platform in the months ahead. The financing will go towards building repairs, unit renovations and enhancements to common areas.
A Growth Area
According to the latest Yardi Matrix multifamily report, the Atlanta metro’s quality of life, coupled with relative affordability compared to coastal markets, as well as its strong potential for rent growth, have sustained Atlanta’s multifamily pipeline.
City data shows that employment and demographics have been on the rise in Henry County over the past 10 years, driving demand for housing.
Crossings at Eagle’s Landing is right off of I-75 and close by numerous restaurants, retailers and Piedmont Henry Hospital. Additionally, Hartsfield–Jackson Atlanta International Airport is just 25 miles away.