Fri, 21/02/2014 - 14:10
Radco is continuing its strategy of acquiring distressed residential communities with its purchase of Defoors Ferry West in Atlanta for USD16m.
Following the acquisition of Defoors Ferry West, Radco's current portfolio includes more than 5,700 multifamily units.
Radco financed the purchase through a mixture of bridge debt and private equity.
To date, Radco has raised USD93m of private equity to fund its acquisitions.
"We are excited to continue investing in the Atlanta market, as it serves as our home base, and we are deeply committed to improving the region," says CEO Norman Radow. "Our plan for Defoors Ferry is to rebrand and reposition the property as Ashford 2788. We will improve and enhance the overall experience for residents with a new leasing centre, additional amenities and unit upgrades."
Defoors Ferry West is situated on more than 28 acres at 2788 Defoors Ferry Road in Atlanta's West Midtown neighbourhood. The property contains 48 two-bedroom/two-bathroom units, while the remaining apartments are all two- and three-bedroom town homes. The asset is 99 per cent occupied, excluding 10 down units that are being restored as part of the contract.
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