Why RADCO Is Invading North Cobb County Multifamily

The Landing at Acworth is less than one mile from Interstate 75 in northern Cobb County.

ATLANTA—Stanton Place Apartments has traded hands. The RADCO Companies snapped up the multifamily asset in Acworth, Ga, for $23.3 million. That’s in Cobb County, a multifamily market that is performing especially well in the Atlanta metro. The multifamily deal marks RADCO’s eighth buy in 2016 and 60 ^th acquisition since August 2011. Stanton Place Apartments is also the third multifamily community in which RADCO has invested in metro Atlanta’s northern Cobb County market “Acworth’s rapid economic and commercial growth over the past decade has been off the charts,” Norman Radow , founder and CEO of RADCO, tells GobeSt.com. “However, high barriers to entry for new multifamily construction have left North Cobb’s renters largely underserved, which is exactly why RADCO is embracing this opportunity.” RADCO plans to spend upwards of $3 million on capital improvements to modernize and upgrade the multifamily community, which it has rebranded as The Landing at Acworth. RADCO financed the acquisition with a first mortgage loan from First Tennessee Bank and $8.4 million in private capital. The Landing at Acworth is less than one mile from Interstate 75 in northern Cobb County. The multifamily community is close to major employment centers in metro Atlanta, including the Cobb Galleria Office Park with over 21 million square feet of class A office space, WellStar Kennestone Regional, and Cartersville Medical Centers, Lockheed Martin, and Dobbins Air Force Base. The multifamily community is in distinguished school district, which includes North Cobb High School. It’s also close to Kennesaw State University, which enrolls over 36,000 students, and the recently developed LakePoint Sporting Community, a 1,300-acre complex with retail , dining and hotels. A gated apartment community built in 2001, immediate area caters to a sophisticated tenant base, with the surrounding average household income exceeding $75,000 a year. RADCO owns two comparable properties within the area, Ashford Ridenour and Bridges of Kennesaw, which are already achieving competitive rental rates in the market.