RADCO Eyes 75 Corridor for Further Buys
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Pound for pound, prolific apartment investor Norman Radow sees the I-75 corridor as one of the best for investment in 2015. And he's potentially betting big bucks on that.
The RADCO CEO is shopping for more suburban apartment complexes along the northwest metro Atlanta artery because the area feels to have a new lease on life, he says. “It lagged the recovery for jobs. But there's no reason 75 shouldn't be be an economic engine,” Norman says. RADCO already owns two properties in the area, including Ashford Retreat in Marietta and Ashford 75 in Smyrna.
The main catalyst for change: The Braves stadium development. But don't discount multimillions in infrastructure projects in recent years, including the widening of Windy Hill Road and Cobb Parkway, he says. And despite aggressive pricing on apartments, Norman says the market has another two years of strong growth, especially with interest rates, which he predicts won't be going anywhere soon. “I've taken this position for the past two years, and people were saying, 'Oh my God, things are going up!' And they haven't,” he quips. Look at Germany instead. Any treasuries there under five years has a negative interest rate, which makes our interest rate appear “expensive.”