Multifamily Property Flipped for $1-Mil Gross Gain

ATLANTA-River West Condominiums has new owners–again. The 213-unit complex of mid-rise buildings and townhomes went for $33 million or $154,930 per unit. The buyer is local attorney and developer Norman Radow with Radow Management. Radow plans to market to young professionals and will invest nearly $1 million in both property changes and marketing.

The seller, Atlanta-based Focus Group, purchased the property from Post Apartment Homes, an operating company of Post Properties, in February for $32 million or $150,235 per unit. River West is located in a prime Buckhead area on Northside Parkway, some nine miles north of Downtown. After buying property, the Focus Group began a conversion of the units from apartments to condos.

Sales, however, did not go well. Industry observers suggest the marketing was not on target. In addition, Focus Group, had internal problems, including the departure of partner Ed de Guardiola who left this past fall to start his own company, Vista Realty Partners, an apartment development firm.

River West includes two mid-rise buildings with 125 units and 88 townhomes. Unit range from 500 sf to 1,600 sf. The price range is $100,000 to $320,000. At the time of the most recent sale, more than 30 of the units had been sold and the remainder are renters.