ATLANTA—RADCO Companies has snapped two Atlanta multifamily assets in the past week. The firm acquired Morningside Apartments, a 306-unit multifamily property in the close-in northeastern Atlanta suburb of Doraville, GA for $13.55 million on the heels of grabbing the 255-unit Ashford Ridenour (formerly known as Estates at Ridenour) last week for $35.3 million.

RADCO financed the acquisition of Morningside Apartments with private capital and financing from First Tennessee Bank. Since August 2011, the company has raised over $245 million of private capital to fund its purchases.

“Morningside is a quintessential value-added opportunity in a particularly important submarket that we know well,” says Norman Radow, founder and CEO of RADCO. “It has been neglected, but it has good bones, modern layouts, and is in a great location. We will make this property something special.”

Built in 1983, Morningside Apartments spans 65 multifamily buildings. It sits on 23.7 acres on Pleasantdale Road at the cusp of Atlanta's Interstate 285 perimeter highway and Interstate 85, the north-south highway that cuts through the city itself and links its airport to all markets that are both north and south of Atlanta. RADCO owns about 2,500 multifamily units in this job corridor.  

Estates at Ridenour in Kennesaw, GA is a class A property is located in an A-plus and improving location. It sits on 13.1 acres off of the highly trafficked Barrett and Cobb parkways, and is just two miles from Interstate RADCO financed the acquisition of Estates at Ridenour with private capital, in addition to financing from Freddie Mac.

The multifamily community is also just 2.5 miles from Town Center at Cobb, a nearly 1.3 million-square-foot regional mall. Importantly, a new $150 million, Whole Foods-anchored mixed-use development is underway just across the street from Estates at Ridenour.

“With all of the economic drivers unfolding in the submarket, our renovation plan, and its incredible location, this already high-quality asset will simply have no competition—period,” Radow says. The company has two additional Atlanta-area properties under contract, one of which is set to close in a few days.