Atlanta Multifamily Investor on a Rip in 2016

Atlanta’s multifamily market is still running strong.

ATLANTA—The RADCO Companies is on a multifamily rip. The Atlanta-based company just picked up its seventh multifamily asset of 2016. RADCO acquired The Oak Pointe Apartments in Charlotte for $24 million. Renamed Magnolia Terrace, the multifamily asset adds 264 B class units to RADCO’s portfolio. RADCO Residential will manage the community, which marks the firm’s 59 ^th acquisition since 2011 and its first in North Carolina. RADCO recently exited a class B multifamily asset in the Atlanta area. “Charlotte’s rapid fire economic growth and strong governance have made it one of the most attractive regions in the country for job growth,” Norman Radow, founder and CEO of RADCO, tells GlobeSt.com. “Magnolia Terrace is textbook great real estate because it is so centrally located, already an attractive community, and a picture perfect value-added opportunity … Magnolia Terrace may be the best value-added story in the submarket come next year.” RADCO plans to spend at least $3.2 million on capital improvements to modernize and upgrade the multifamily community. RADCO financed the acquisition and improvements using private capital and by assuming the fixed rate Fannie Mae debt from the seller. Magnolia Terrace is located within the University City submarket, one of the largest employment centers in Charlotte. Multifamily tenants are within walking distance to UNC Charlotte and its location on the northeastern corridor offers access to interstates connecting the area’s largest employment, retail, university, and lifestyle centers. Noteworthy is the fact that major construction is currently underway to extend the LYNX Blue Line light-rail line within a mile from the community. That will position multifamily residents within walking distance to the Charlotte Area Transit System and spur further economic growth in the area. Constructed in 1989, Magnolia Terrace has 13 three-story multifamily buildings on a nearly 16-acre campus. The multifamily property has 264 garden-style units average a spacious 917 square feet. Amenities include a dog park, sand volleyball court, car wash, fitness center, outdoor grilling areas, business center and swimming pool with a spacious sun deck.