RADCO Makes 21 Multifamily Buys in Less than 24 Months

ATLANTA—The RADCO Companies is making good on its strategy to acquire distressed residential communities at a rapid clip. The turnaround specialist just snapped up Alderwood at the Lake in Norcross, GA.

RADCO paid $22.5 million for the 640-unit multifamily community. The deal marks the firm's 21st residential acquisition in less than 24 months.

“We are intimately familiar with the Georgia marketplace and have invested a significant amount of capital into the community,” says Norman J. Radow, CEO of RADCO. “In particular, Metro-Atlanta has enjoyed an improved job market, with recent employment increases in construction, retail and hospitality. In fact, a Super Walmart opened within walking distance of the property just last week. We expect to acquire additional properties in Georgia over the coming months.”

The Alderwood at the Lake acquisition increases RADCO's current multifamily portfolio to more than 4,400 units. RADCO financed the purchase through a mixture of bridge debt and private equity. To date, RADCO has raised $64 million of private equity to fund its multifamily acquisitions.

“Alderwood at the Lake is an exceptionally well-located asset in a very strong submarket, with obvious mark to market and value added opportunities,” says Radow. “Increased amenities and targeted upgrades will be part of the value-added plan.”

The multifamily community is 96.4% leased and located in submarket within Gwinnett County. The area is home to the I-85 industrial corridor, the largest industrial node in the Southeast with over 152 million square feet of industrial space, including a significant presence from RockTenn, Mitsubishi Electric, Hyundai, Mizuno, FedEx, and Primerica. Norcross is also a strong rental market that is very well-linked to Metro-Atlanta and beyond through an impressive network of major highways.