RADCO Expands GA Footprint With 38th Acquisition
The Atlanta-based developer acquired Ashford 6860, a 260-unit property in Norcross. The $22 million deal marks the company’s eighth purchase in the Gwinnett County submarket.
By Laura Calugar
The RADCO Cos. completed its seventh acquisition of the year with the closing of the 260-unit Ashford 6860 in Norcross, Ga. RADCO financed the $22 million transaction with private capital and debt furnished by Hamilton State Bank. The company’s proprietary management platform, RADCO Residential, will manage Ashford 6860.
Located at 6860 Bebout Drive on roughly 13 acres in Northeast Atlanta, the Class B asset is just a few miles away from interstates 285 and 85. Ashford 2860 is minutes from major retail outlets such as The Forum and Sugarloaf Mills, Gwinnett Place Mall or Sugarloaf Marketplace. Built in 1974, Ashford 6860 consists of 15 two- and three-story buildings. Averaging 874 square feet, the garden-style apartments feature 147 one-, 117 two- and 16 three-bedroom floorplans. According to Yardi Matrix data, amenities include:
- swimming pool
- fitness center
- expansive greenspace
- tennis court
- 450 parking spaces
Formerly known as Tuscana Apartment Homes, the community will soon undergo a $4 million revamp. The new owner intends to make significant building renovations, unit interior upgrades and enhancements to common area amenities, including a complete clubhouse remodel, expansion of the fitness center, adding a fire pit/grilling area, upgrades to the pool and installing a package concierge system. RADCO also plans to replace all the roofs.
“After we initiate our robust capital improvements plan, Ashford 6860 will be one of the best value-added communities in this suburban market. The population growth in Gwinnett County has been astounding and is a key macroeconomic indicator we look for in RADCO acquisitions,” said The RADCO Cos. Founder & CEO Norman Radow, in a prepared statement.
Gwinnett County is one of the fastest growing suburbs of Atlanta. Since 2000, the population in the county has increased by 36 percent. The area is currently home to more than 120 international corporate headquarters. RADCO now owns 26 multifamily properties in metro Atlanta.
Images courtesy of Ashford 6860 website