RADCO Scoops Up Atlanta Apartment Community For $53M
- Nov 18, 2015
Atlanta—The RADCO Companies secured its purchase of the 561-unit Columns at White Oak apartment community in Newnan, Ga., for $53 million. Renamed Creekside at White Oaks, the property was sold by ECI Group and is located in the sought-after Newnan suburb, just southwest of Atlanta.
RADCO plans to invest $5.5 million to renovate the 46-acre multifamily property, with the most significant project in the capital improvement plan focusing on common area and amenity center upgrades. The company will renovate and reconfigure the clubhouse and leasing center to include additional lounge space, make significant enhancements to the look of the fitness center and bring in new equipment. The community will also get a new state-of-the-art playground, upgraded furniture and seating in the pool deck areas, and outdoor gas grilling stations. Additionally, the company’s design plans include upgrades to individual unit finishes and exterior curb appeal.
The original community was built in four phases beginning in 1991, with additional phases in 1997 and 1998, as well as a final phase incorporating town home-style units in 2002. There is a mix of one-, two-, three- and four-bedroom units across 45 buildings and the property can be easily accessed via Lakeside Way, which intersects with Shenandoah Boulevard and Highway 34 (Bullsboro Road), one mile east of I-85. Residents are also only eight miles away from Peachtree City with convenient access to Hartsfield-Jackson Airport.
The Newnan area is the home of major employers such as KIA, PetSmart, Kraft and Electrolux, and two miles away from three major medical centers, including Piedmont Hospital and the Cancer Treatment Centers of America. In nearby Fayette County, Pinewood Studios, the British movie studio that produced the James Bond and Harry Potter franchises, opened Phase I of their three-phase studio project in January 2014. The 288-acre studio facility is expected to create up to 3,000 jobs upon completion.
“Newnan has seen strong job and population growth over the past decade, primarily driven by a rapidly growing health care sector and strong public schools. Columns at White Oak has a great location within the submarket and has been very well maintain by previous ownership, making it an excellent candidate for our value-added business plan,” said Robert Clarke, executive vice president & CFO of RADCO.