By Balazs Szekely, Associate Editor
The RADCO Cos. has purchased the Spalding Bridge apartment complex for $22.9 million. JMG Realty sold the property in a transaction brokered by JLL. The buyer financed the acquisition with private capital and financing from Community and Southern Bank.
Built in 1984, the all-brick community is located on a nearly 10-acre site on Trowbridge Road in the Sandy Springs suburb of North Atlanta, just off the highly trafficked Roswell Road. It includes 192 units that are available in one-, two- and three-bedroom layouts with up to two bathrooms across 12 buildings. According to Yardi Matrix, JMG Realty acquired the asset back in September 2011 from Deutsche Asset & Wealth Management for just over $13.5 million.
RADCO plans to invest about $2.25 million to renovate the property. Most of the capital improvement plan goes into unit upgrades. The company will also completely renovate the clubhouse and leasing center in order to integrate additional amenities. This will be followed by a rebranding of the community, through which it will join the investor’s Ashford family of properties.
Photo credit: The RADCO Companies