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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.
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