Shopping Spree? Local Buyer Jumps on Second Community in a Week
- Jun 25, 2015
It seems that one property a week is just not enough to satiate the appetite of this Atlanta-based company.
Immediately after the acquisition of the 255-unit Estates at Ridenour in Kennesaw, RADCO Companies, an opportunistic real estate developer with a portfolio of 40 assets (more than half of which are located in Atlanta), closed on another mulifamily purchase in the metro.
RADCO bought the Morningside Apartments from a locally based limited liability company for $13.55 million. The 306-unit community is located in Doraville, in the northeastern suburbs. The 65 buildings were constructed in 1983 on a 23.7-acre site on Pleasantdale Road. The apartments average 851 square feet and come in six different floor plans, with up to three bedrooms and two baths. The common space features amenities such as a fitness facility, business center and a resort-style pool.
The new ownership plans to invest nearly $6 million in capital improvements, which include interior and exterior upgrades, as well as an expansion of the amenity package. Morningside Apartments will also join RADCO’s Ashford brand and will be known further on as Ashford Walk. The other recent addition was rebranded Ashford Ridenour. RADCO financed the acquisition with private capital and financing from First Tennessee Bank. Berkadia brokered the transaction.
Photo credits: The RADCO Companies