RADCO Stays Aggressive in Atlanta Multifamily

Renamed 2800 at Sweetwater, the multifamily buy adds 324 B class units to RADCO’s portfolio.

ATLANTA—The Pointe at Sugarloaf Apartments just traded hands. RADCO company snapped up the multifamily asset in Lawrenceville, a suburb of Atlanta, for $31.7 million. The deal marks RADCO’s fifth multifamily buy of 2016. Earlier this month the firm picked up its first Orlando multifamily asset . Renamed 2800 at Sweetwater, the multifamily buy adds 324 B class units to RADCO’s portfolio. RADCO Residential will manage the asset. Berkadia brokered the off-market transaction. “This is a gorgeous property that commands a presence in a location that is highly desirable and continues to grow in importance,” Norman Radow , founder and CEO of RADCO, tells GlobeSt.com. “2800 at Sweetwater already has modern units, great street presence, the bones of super amenities and a truly spectacular drive to the clubhouse.” RADCO plans to spend over $4 million on capital improvements to modernize and upgrade the multifamily campus. In addition to RADCO’s private capital, BBVA Compass financed the acquisition and renovations of the multifamily asset. 2800 at Sweetwater is located in Gwinnett County, one of Atlanta’s fastest growing suburbs. Georgia’s strong pro-business politics, corporate relocation incentives, growing population and the submarket’s limited apartment supply attracted RADCO to the multifamily deal. “Gwinnett County continues to invest in major infrastructure improvements that support higher end developments in this already excellent location,” Radow says. “Being able to focus the majority of our attention on true return on investment projects offers us an exciting value-added opportunity and provides our residents at 2800 with a best-in-class living experience.” 2800 at Sweetwater was constructed in 1997 and includes 32 two- and three-story buildings on a 35.5-acre campus. The multifamily property’s 324 units average 1,002 square feet. 2800 at Sweetwater is RADCO’s 57th acquisition since 2011, and joins Ashford 3400 as its second property in the Sugarloaf submarket. Since August 2011, the company has raised over $420 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.