RADCO Picks Up Atlanta Metro Community for $32M
- Jun 22, 2016
Atlanta—The RADCO Cos. is increasing its home state presence with the $31.7 million acquisition of The Pointe at Sugarloaf Apartments in Lawrenceville, Ga., marking its fifth acquisition in 2016 and second in the Sugarloaf submarket. RADCO has renamed the 324-unit community 2800 at Sweetwater and plans to manage the property via its RADCO Residential property management platform.
“2800 at Sweetwater is a high-quality asset with below-market rents in a great location,” Norman Radow, founder & CEO of RADCO, told MHN.
RADCO financed the acquisition and forthcoming $4 million renovation of 2800 at Sweetwater using private capital and financing from BBVA Compass. Berkadia brokered the off-market transaction.
The company’s planned renovations include upgrading the units, enhancing community offices and amenity areas and modernizing the entrance and property branding. RADCO will implement value-add upgrades such as adding grilling and upscale seating areas to current outdoor spaces, putting in a new fire pit and an additional playground. Interior units will receive upgraded flooring, modern lighting and new appliances.
“Our idea is to make an already charming campus warm and inviting, vastly expand the amenities and upgrade the already modern units to make them appealing to a more sophisticated resident,” Radow explained.
The property was originally built in 1997 and consists of 32 garden-style buildings across a 35.5-acre campus. The 324 units average 1,002 square feet in size and include 240 one- and two-bedroom units as well as 84 three- and four-bedroom townhomes. The larger townhomes cater to the families living in Gwinnett County, one of the fastest-growing suburbs of Atlanta that includes Georgia’s largest school system, according to the company’s release.
“This is a gorgeous property that commands a presence in a location that is highly desirable and continues to grow in importance,” said Norman Radow, founder and CEO of RADCO. “2800 at Sweetwater already has modern units, great street presence, the bones of super amenities and a truly spectacular drive to the clubhouse. Moreover, Gwinnett County continues to invest in major infrastructure improvements that support higher-end developments in this already excellent location. Being able to focus the majority of our attention on true return-on-investment projects offers us an exciting value-added opportunity and provides our residents at 2800 with a best-in-class living experience.”
Other community amenities include a swimming pool with sundeck, Wi-Fi cafe with self-service coffee bar, dog park, playground and 24-hour fitness center.
In addition to 2800 at Sweetwater, RADCO owns Ashford 3400 in the Sugarloaf submarket. The company has been keeping busy, raising more than $420 million in private capital to fund its 57 acquisitions since August 2011. Radow said the company is actively looking for more acquisition opportunities in Gwinnett County this year.