If you don't see images, click here to view
Story Ideas  .  Events 
Facebook Twitter LinkedIn More...
 
To ensure delivery, please add newsletter@bisnow.com to your address book, learn how
Real Estate Bisnow
   
January 3, 2012 
 
 
RADCO's Big
Multifamily Stake

 
What began about a year ago with one Marietta apartment complex now has RADCO Cos going full force buying into Atlanta multifamily. (Atlanta is like Pringles: Once you pop, you can't stop.)
 
radco cos ceo norman radow kennesaw state university stadium multifamily
While we were all out shopping for holiday gifts, CEO Norman Radco was out buying a boatload of apartment complexes across metro Atlanta, increasing his portfolio to 3,000 units. The $48M portfolio was purchased from four sellers, including REOs and from receivership. And Norman is under contract for even more as he taps pools of capital very hungry for multifamily investment. “It was a natural for us,” Norman (seen here at KSU’s stadium) says of jumping into the apartment business (he did do a lot of condos back during the boom). “There is liquidity in multifamily, and the fundamentals make value-add multifamily the perfect fit for us today.”
 
Bull Realty (Brokers)
radco audubon town & country fairburn apartments
The properties include the 132-unit Audubon Town & Country in Fairburn (above); 94-unit Audubon Brook in Conyers; 98-unit Audubon Way in Lawrenceville; Bella Villas and Wyntree (more than 200 units of apartments and townhomes combined) in Doraville; 104-unit Meadowbrook Manor in Lilburn; and 144-unit The Pavilion at Decatur near Emory U. “These are not Class-A core assets. These are assets that require a lot of elbow grease,” Norman says. RADCO has a value-add strategy—improve operating performance, add capital where needed and raise rents. Then either sell or refinance them.
 
Bisnow (Writer2) Jumbo
radco park lake norcross apartments
Not all the assets were struggling. RADCO also paid $22.5M for Park Lake (above), a 328-unit apartment complex in Norcross that is 96% occupied and acquired from an institutional owner. Nonetheless, RADCO is mainly focused on Class-B and C multifamily properties with a value-add component. Norman says jumping into apartments wasn’t that much a stretch from building condos. “We shifted because we recognized that renting is the future,” he says. Gone are the days where someone can get 110% leverage to buy a $450k home earning less than $50k a year. “The C-plus to B-plus tenants are going to be tenants for a long, long time. Maybe their whole lives.”

STREET SIGNAGE WANTED
 
1117 Perimeter center west georgia's own credit union branch dunwoody kathy igou sandy springs
If you have an empty bank branch in Central Perimeter, Georgia’s Own Credit Union will travel. We spoke with the lender's Kathy Igou, who tells us she's looking far and wide for a branch somewhere in Dunwoody or Sandy Springs that is both stand-alone and has great visibility. “That’s a hopping area right now,” Kathy says. Space requirements weren’t defined, but Kathy says a typical outparcel bank branch is what it's seeking. Right now, the credit union has a branch in 1117 Perimeter Center West, but it's inside the building, with no streetside signage, a marketing weakness Georgia’s Own wants to rectify.

BULL GOES NATIONWIDE
 
Michael Bull commercial real estate radio show wall street business network syndcation wafs biz 1190 AM
Michael Bull’s little hobby has suddenly taken off. Bull Realty’s founder tells us he just inked a deal with Wall Street Business Network to syndicate his popular Atlanta “Commercial Real Estate Show” broadcast to all 10 of the network’s stations across the country. That means Michael's radio voice will now be heard everywhere from Miami and Orlando, to Houston, Dallas, Minneapolis, to Seattle, Sacramento and all the way to even Honolulu.

Upcoming Bisnow Events!
 
Thursday, Jan. 31, 7am-10am. Bisnow's Atlanta Construction and Development Summit. Hear the experts break down the various neighborhoods poised for growth and discuss what it takes to get a new project off the ground. Register here.
 
No news is NOT good news. So send it to Jarred@Bisnow.com.
 
 
 
 
Arnall Golden
 
Hendrick (CassidyTurley)
 
Arent Fox (REI) ATL
 
NewAcre (300k) ATL
 
Reznick (CohnDebut) ATL
 
Bisnow (Sales)
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

 

This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2013, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved.