RADCO Acquires $41M GA Property
Called Indian Trail Apartment Homes, the community is a 467-unit, Class B property in Norcross, Ga. The company plans a $10 million renovation.
By Keith Loria
The RADCO Companies has acquired Indian Trail Apartment Homes, a 467-unit, Class B property in Norcross, Ga., for $41 million.
The property was renamed Ashford Indian Trail after the sale, and is now being managed by RADCO Residential.
“It is a quintessential RADCO acquisition,” Norman Radow, RADCO’s CEO, told MHN. “We can reset the economic clock of the physical plant, provide an upgraded amenity package, and elevate the overall atmosphere of the community so our residents will be proud to call Ashford Indian Trail home.”
Originally constructed in two phases in 1987 and 1996, the property sits on 34.4 acres and comprises 26 two- and three-story buildings, averaging 931 square feet. The development includes garden-style apartments offering a range of one-, two- and three-bedroom floorplans.
Community amenities include two swimming pools, a clubhouse, tennis courts and expansive greenspace.
“The property has oversized modern units with a ton of windows,” Radow said. “The architecture is modern and defies the property’s age. And, it is smack in the middle of the I-85 jobs corridor.”
This is the company’s fifth acquisition this year and 71st since 2011, 25 of which has been in the state of Georgia, including seven in Gwinnett County.
“Our strategy has been to continue buying older housing stock in the Southeastern and Central U.S. because these states are right to work, low tax, pro-business, and boast good weather,” Radow said. “And, these attributes bring jobs. Lots of them. We restore the existing housing stock, making them as attractive, comfortable, and modern as possible for a value that is affordable to most hard working Americans.”
Ashford Indian Trail is just a mile east of I-85, and offers direct access to I-285 and the Steve Reynolds Boulevard. It’s close by The Forum, Sugarloaf Mills, Gwinnett Place Mall and the newly delivered Sugarloaf Marketplace.
According to Radow, the company intends to spend nearly $10 million to make Ashford Indian Trail the market leader in the area.
“Our improvements will include new double-pane insulated windows. We will also completely reskin every building using state of the art materials with enhanced architectural elements,” he said. “The amenity package and leasing center will be gorgeous and boast expanded and new features coveted by today’s more sophisticated resident.”