ATLANTA—RADCO Companies continues scooping up multifamily assets in the Greater Atlanta region. The latest buy is Spalding Bridge, a 192-unit multifamily complex.

RADCO paid $22.9 million for the asset, which sits in the booming north Atlanta suburb of Sandy Springs. JMG Realty sold the multifamily property to RADCO and JLL brokered the deal.

“With all of the new growth on the north end of the Perimeter corridor, we thought there could not have been a better time to execute our business strategy on such an already impressive asset,” says Norman Radow, founder and CEO of RADCO. “We plan to implement our value-added plan and take the community to a new level of luxury of service.”

Built in 1984, the all-brick community includes one-, two- and three-bedroom multifamily units across 12 buildings. The multifamily property sits on nearly 10 acres on Trowbridge Road just off the Roswell Road in the city's Perimeter submarket. That's about four miles north of Interstate 285.

Noteworthy is the fact that Perimeter is home to the largest office market in Atlanta and is the future home of State Farm's new regional headquarters. Mercedes Benz will be relocating its American headquarters just 1.5 miles from Spalding Bridge.

RADCO financed the acquisition with private capital and financing from Community and Southern Bank. Since August 2011, the company has raised $300 million of private capital to fund its purchases. RADCO will invest about $2.25 million to renovate the multifamily asset and rebrand the property using its “Ashford” moniker. RADCO's portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of November.

"Fundamentals are surging across the metro," Paul Berry, executive vice president of Institutional Properties, Multifamily at CBRE, tells GlobeSt.com. "With over 80,000 jobs created in the past year, rents have risen 7.5% from the second quarter of 2014 to the second quarter of 2015 and marketwide occupancy has now reached 95%. The good news should continue with effective rents projected to grow another 19% through 2020. With cap rates flat and expected to remain so, current and projected rent growth translates to similar NOI growth and property appreciation."