The RADCO Cos. is making a move back towards the urban core, after acquiring a 23-story luxury community in Atlanta’s Midtown neighborhood. The company acquired Skyhouse Midtown for $131 million from UBS Global Asset Management, according to public records. Northmarq’s Jason Nettles and Megan Thompson led the team that brokered the transaction, which is RADCO’s first high-rise multifamily acquisition in its current investment cycle.
RADCO has already rebranded Skyhouse Midtown to The M by Radius, which will be part of the company’s highest brand in its portfolio called Radius. The 320-unit community offers studio, one-, two- and three-bedroom apartments ranging from 577 to 1,418 square feet. The units were built with floor-to-ceiling windows, private balconies and in-home washer and dryers, while the community offers a rooftop pool, coffee bar, entertainment lounge, fitness center, outdoor kitchen and outdoor fireplaces.
The M by Radius, which was built in 2013, also includes 8,658 square feet of retail space. Norman Radow, CEO of RADCO, said in prepared remarks that the company plans to invest in the building and significantly improve the resident experience.
Located at the corner of West Peachtree Street and 12th Street, The M by Radius is directly across from 1105 West Peachtree, the newly-constructed office building that’s fully leased to Google as its new regional headquarters. Residents will also be located near Northside Hospital’s in-town campus, Savannah College of Art and Design’s Atlanta campus and Georgia Tech.
THE RETURN OF URBAN APPEAL
Radow said in prepared remarks that there’s been a recent shift back towards urban core communities. While residents and capital drifted towards the suburbs during the pandemic, the cost of buying suburban apartments also increased, Radow added, saying that urban core properties have become an attractive investment once again.
Radow also said in his prepared statement that RADCO is planning to seek out more urban residential investments throughout the Southeast. Prior to the onset of the pandemic, the company acquired a 232-unit luxury community in Atlanta’s Loring Heights neighborhood in October 2019. However, the firm was still investing into suburban communities before the COVID-19 pandemic, as it acquired a 167-unit community in Stockbridge, Ga., in June 2019.