RADCO Buys Second Sugarloaf Helping

2800 at Sweetwater RADCO
Photo credit: RADCO Cos

Atlanta-based RADCO Cos has pulled the trigger on another suburban apartment complex buy, this time in Lawrenceville. The firm purchased The Pointe at Sugarloaf Apartments, a 324-unit Class-B property, near where the firm already owns Ashford 3400. RADCO paid $31.7M, or some $98k/unit, in an off-market transaction brokered by Berkadia. RADCO officials say they plan to invest nearly $4M in the 35.5-acre campus to modernize the units and property, including grilling and seating areas, a fire pit, a new playground, upgraded flooring and new appliances. It will also be renamed 2800 at Sweetwater. Rent information was unavailable as of press time.

This continues RADCO's strategy of buying prime apartment properties along the metro's periphery, upgrading and pushing up rents as housing demand grows. That strategy was highlighted by RADCO's Peter Fitzgerald at our recent 2016 Multifamily Forum, where he said many of RADCO's properties were seeing double-digit rent growth despite their suburban locations.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Emory Takes Over Proton Center For $82M: The Atlanta Deal Sheet

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Dewberry's Midtown Eyesore Quietly Resolves $75M Mortgage

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

Riverwards Group Secures Construction Financing For 155 Units In Olde Richmond