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ATLANTA-The locally based Radco Cos. has acquired three apartment properties with a total of 402 units for $19.15 million. Radco, in partnership with Miami-based BCOM Real Estate Fund LLC, plans to reposition the properties.

The properties acquired were Sierra Place, a 130-unit property at 64 Northwood Dr.; Briar Creek Apartments, a 160-unit complex at 893 Briar Creek Court in Conyers; and Ashford Place, a 112-unit property at 657 Carver Road in Griffin. Radco project associate Neil Radow handled the transaction.

Radco president Norman Radow tells GlobeSt.com that the properties had low occupancy rates and suffered from physical problems, but are located in neighborhoods that are on the rise. “They were all underperforming assets in special locations,” he says.

Sierra Place is situated across from a recently redeveloped shopping plaza with anchor tenants Publix, Target and Home Depot. “There is a lack of supply in the area surrounding Sierra Place,” Radow says.

A Home Depot is being constructed next to the Briar Creek Apartments and Ashford Place is located near the recently refurbished Atlanta Motor Speedway, one of the largest Nascar race tracks in the country. “The Conyers property is a low-density project, a B project that just needs some tender loving care,” he says. “Ashford Place is the best multifamily property in Griffin.”

Radow adds that the company plans to make capital improvements to the properties with the intention of either refinancing or selling them in the future.

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