RADCO Grabs Seven GA Multifamily Assets

ATLANTA—RADCO is staying busy in the multifamily acquisition front. The turnaround specialist recently inked seven deals in a two-week period. The news bring RADCO's multifamily portfolio total up to 3,000 units—and more properties are expected to close soon. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised over the past 30 days—all from private sources.  

RADCO's latest buys include the 132-unit Audubon Town & Country in Fairburn, GA; Audubon Brook, a 94-unit property in Conyers, GA; the 98-unit Audubon Way, which is located next to the Gwinnett County Medical Center in Lawrenceville, GA; adjoining apartment complexes Bella Villas and Wyntree in Doraville, GA; the 104-unit Meadowbrook Manor in Lilburn, GA; and Park Lake, a 328-unit community in Norcross; GA. The Pavilion at Decatur, which consists of 144 units near Emory University in Decatur, GA, should close shortly.

“There is liquidity in multifamily, and the fundamentals make value-add multifamily the perfect fit for us today,” RADCO CEO Norman Radow tells GlobeSt.com. “Our reputation has allowed us to raise equity privately, without resorting to institutional equity.”

One of RADCO's investment strategies is to acquire underperforming multifamily properties, especially those managed by borrowers with little or no remaining economic interest in the properties or access to additional capital. Radow says the Audubon and Plaster Road portfolios meet the firm's market-to-market strategy.

Radow says the firm has also found opportunities that are a value on day one, with minimum capital required, strong existing cash flow and additional upside potential. He points to Meadowbrook Manor and Park Lake as examples.

Meadowbrook Manor sits on over 16 acres, is an all-brick, 1983 construction in a quad configuration located near Indian Trail and Interstate 85. Park Lake, which RADCO was is institutionally owned, 96% occupied and located on a major thoroughfare in Atlanta's coveted Northern arc.

“Both properties are stable assets, but they also have mark to market and value-add opportunities,” said Radow. “The soon-to-be-acquired Pavilion apartment complex in Decatur is compelling because of its location, story and our already proven value-add business plan. Located adjacent from a future county park, the renovation of Pavilion will further transform the immediate neighborhood.”