ATLANTA—In its latest move to execute its value-added strategy on the multifamily front, RADCO Companies has sold Ashford Way, a 98-unit apartment complex in Lawrenceville, GA. Kenco Apartment Communities acquired Ashford for $5 million, or $51,020 per unit.
RADCO acquired the multifamily complex in December 2012 out of receivership for $29,000 per unit and invested $1 million in capital improvements, including rebranding the property, upgrading unit interiors, renovating exteriors, and adding amenities.
The multifamily deal traded at a significant premium compared to the returns that RADCO originally modeled in its turn-around strategy. During its ownership tenure, occupancy climbed from 71% to over 97% and average rents rose more than $75 per unit.
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