RADCO Acquires Atlanta High-Rise Multifamily for $131M
The firm has purchased the 320-unit, luxury Skyhouse Midtown and re-branded it as The M by Radius.
ATLANTA, GA – National real estate investment firm, the RADCO Cos. has acquired a 320-unit, 23-story luxury multifamily building in Atlanta, GA for $131 million.
The transaction represents one of the city’s largest recent multifamily acquisitions and it also marks RADCO’s first high-rise multifamily acquisition in its current investment cycle.
The high-rise property, Skyhouse Midtown, has been renamed The M by Radius. Radius is RADCO’s highest brand.
The newly-branded multifamily building offers studio, one-, two- and three-bedroom units with open floorplans and luxury amenities including a rooftop pool and lounge, a fitness center, grills and 360-degree views of Atlanta’s skyline. The M by Radius also features frontage on Spring St., 12th St. and W. Peachtree St., with 8,658 square feet of ground-floor retail space.
Located in Midtown Atlanta, the acquired property is situated at the corner of West Peachtree St. and 12th St.
Built in 2013 by developer Jim Borders and Novare Group, the property features significant signage opportunities on its half-domed roof, which is visible in the Atlanta skyline. The property was one of the first buildings to be constructed in Atlanta after the Great Recession.
RADCO CEO Norman Radow states, “RADCO is pleased to announce we have acquired Skyhouse Midtown, our first high-rise, late vintage property acquisition in this cycle. As residents and capital migrated to the suburbs during the pandemic, the cost of buying suburban apartment assets also substantially increased. There’s been a recent shift back to the urban core making in-town residential an attractive investment once again.”
Radow adds, “The M by Radius offered everything we were looking for in an urban multifamily asset and as always, we intend to invest in this incredible building and significantly improve the resident experience. RADCO intends to seek out additional urban residential investments throughout the Southeast.”
The M by Radius is situated directly across from 1105 W. Peachtree St., which is the new planned regional headquarters for Google. The property is additionally located near RADCO’s Radius West Midtown multifamily property, Northside Hospital’s in-town campus, SCAD and Georgia Tech.
The transaction was brokered by a Northmarq team led by Jason Nettles and Megan Thompson.