ATLANTA—The RADCO Companies is making good on its strategy to acquire distressed residential communities at a rapid clip. The turnaround specialist just snapped up Alderwood at the Lake in Norcross, GA.

RADCO paid $22.5 million for the 640-unit multifamily community. The deal marks the firm's 21st residential acquisition in less than 24 months.

“We are intimately familiar with the Georgia marketplace and have invested a significant amount of capital into the community,” says Norman J. Radow, CEO of RADCO. “In particular, Metro-Atlanta has enjoyed an improved job market, with recent employment increases in construction, retail and hospitality. In fact, a Super Walmart opened within walking distance of the property just last week. We expect to acquire additional properties in Georgia over the coming months.”