RADCO Makes Big Bet In Sandy Springs
Norman Radow is at it again, this time in Sandy Springs.
His RADCO Cos just purchased Legends at Dunwoody, a 532-unit, sprawling, 53-acre apartment complex at 7700 Colquitt Road that's a few miles north of Perimeter Mall off Georgia 400. RADCO paid Titan Real Estate Investment Group for the property, Radow said. In turn, RADCO plans to invest nearly $9M for capital improvements that will include upgraded cabinetry and appliances, a clubhouse remodel, a new pool and a dog park.
This purchase comes on the heel of a similar buy by RADCO earlier this month of Bell Cheshire Bridge apartments, a 318-unit property near the intersection of Cheshire Bridge Rd and Lindbergh Dr, from Bell Partners for $55.5M. And like in Sandy Springs, RADCO is updating the property and rebranding it as Radius Cheshire Bridge. The Radius moniker is a brand that RADCO plans to roll out further at some properties next year, Radow said.
The renovation of the circa-1980 property also includes a name change and a location differentiator: Radius Sandy Springs.
"The reason we changed the locater is because it really is in Sandy Springs," Radow said in an email. "In the old days, before Sandy Springs became a city and its renaissance began, properties tried to associate themselves with a Dunwoody address.
"It’s like Smyrna five years ago," he continued. "No one said they were in Smyrna. They used Vinings or Smynings, but rarely Smyrna. Now it’s the happening place. Same with Sandy Springs."