RADCO Buys Big Norcross Complex
Norman Radow is at it again, this time in Norcross. RADCO Cos just purchased Alderwood at the Lake, a massive 640-unit apartment complex in Norcross for $22M. Norman tells us "we are intimately familiar with the Georgia marketplace and have invested a significant amount of capital into the community." It's an understatement, as Norman has amassed 4,000 units in more than 20 communities in the Southeast. (It's getting easier to just ask which units RADCO doesn't own.)
With an improving local job market—and that a Super Walmart is within walking distance of the property—Norman says Alderwood has upside potential for the firm. "Increased amenities and targeted upgrades will be part of the value-added plan," he says. The property is more than 95% leased.