ATLANTA—RADCO Companies is playing commercial real estate musical chairs. While the company continues its multifamily buying streak, it's also disposing of assets. Last month, the firm sold two class B multifamily communities in Griffin, GA.

RADCO, which bills itself as an opportunistic real estate developer, just sold two class B multifamily properties with 392 units. The multifamily properties are south of Atlanta in Union City and Fairburn, GA. An Atlanta-based investment company snapped up the apartment communities for $23.4 million. Berkadia brokered the deal.

“I take pride in what we did at Ashford Oaks and Town & Country,” Norman Radow, founder and CEO of RADCO, tells GlobeSt.com. “We did exceptionally well financially, but we did so by giving back to the community—restoring housing stock and creating a safe and nurturing environment for our residents and surrounding communities. One bittersweet note was many of our residents were saddened to hear the news that RADCO was leaving. But I am confident that we have placed the community in good hands.”

Here's the backstory: RADCO purchased the 260-unit Ashford Oaks and 132-unit Ashford Town & Country in December 2011 and November 2012, respectively. These were among the first multifamily properties RADCO acquired after implementing its B-class value-added strategy in 2011.

RADCO updated these 1971 to 1991 multifamily vintage property interiors and exteriors, then raised rents to reflect their improved condition. RADCO invested in a property improvements and enhancements including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety investments. Interior unit upgrades and community amenity additions were also made.

The result: Occupancy increased to over 95% at both multifamily properties. According to RADCO, rents rose substantially, and continue to trend higher. The firm reports both properties each property leading in its submarket. RADCO Residential has managed the multifamily properties since April 2015.

RADCO said the original business plans for Ashford Oaks and Ashford Town & Country intended a three- to four-year hold. According to the company, the opportunity to sell came at the ideal time in the properties' cycles. RADCO has already acquired three properties to-date in 2016, with two more acquisitions scheduled to close in June.

ATLANTA—RADCO Companies is playing commercial real estate musical chairs. While the company continues its multifamily buying streak, it's also disposing of assets. Last month, the firm sold two class B multifamily communities in Griffin, GA.

RADCO, which bills itself as an opportunistic real estate developer, just sold two class B multifamily properties with 392 units. The multifamily properties are south of Atlanta in Union City and Fairburn, GA. An Atlanta-based investment company snapped up the apartment communities for $23.4 million. Berkadia brokered the deal.

“I take pride in what we did at Ashford Oaks and Town & Country,” Norman Radow, founder and CEO of RADCO, tells GlobeSt.com. “We did exceptionally well financially, but we did so by giving back to the community—restoring housing stock and creating a safe and nurturing environment for our residents and surrounding communities. One bittersweet note was many of our residents were saddened to hear the news that RADCO was leaving. But I am confident that we have placed the community in good hands.”

Here's the backstory: RADCO purchased the 260-unit Ashford Oaks and 132-unit Ashford Town & Country in December 2011 and November 2012, respectively. These were among the first multifamily properties RADCO acquired after implementing its B-class value-added strategy in 2011.

RADCO updated these 1971 to 1991 multifamily vintage property interiors and exteriors, then raised rents to reflect their improved condition. RADCO invested in a property improvements and enhancements including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety investments. Interior unit upgrades and community amenity additions were also made.

The result: Occupancy increased to over 95% at both multifamily properties. According to RADCO, rents rose substantially, and continue to trend higher. The firm reports both properties each property leading in its submarket. RADCO Residential has managed the multifamily properties since April 2015.

RADCO said the original business plans for Ashford Oaks and Ashford Town & Country intended a three- to four-year hold. According to the company, the opportunity to sell came at the ideal time in the properties' cycles. RADCO has already acquired three properties to-date in 2016, with two more acquisitions scheduled to close in June.