ATLANTA—RADCO has raised $93 million of private equity to find its distressed multifamily acquisitions—and the company isn’t wasting any time spending it. The real estate turnaround specialist is still snapping up distressed residential communities at a rapid clip in 2014.
RADCO just grabbed Defoors Ferry West in Atlanta. The commercial real estate company acquired the 297-unit distressed multifamily community for $16 million.
“We are excited to continue investing in the Atlanta market, as it serves as our home base, and we are deeply committed to improving the region,” says RADCO founder and CEO Norman J. Radow. “Our plan for Defoors Ferry is to rebrand and reposition the property as Ashford 2788. We will improve and enhance the overall experience for residents with a new leasing center, additional amenities and unit upgrades.”
After the Defoors Ferry West, RADCO’s multifamily portfolio now includes more than 5,700 units. RADCO financed the purchase through a mixture of bridge debt and private equity.
Defoors Ferry West sits on more than 28 acres at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The multifamily property has 48 two-bedroom/two-bathroom units. The rest of the units are two- and three-bedroom townhomes. The asset is 99% occupied, excluding 10 down units that are being restored as part of the contract.
The all-brick community is located in a prime, in-fill location that is one of the largest contiguous parcels in town. The complex features access to Interstate 285 and Interstate 75, the primary north/south interstate that traverses through the heart of Downtown Atlanta.