{"id":1004127373,"date":"2015-09-15T05:46:31","date_gmt":"2015-09-15T13:46:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004127373"},"modified":"2020-05-10T23:44:02","modified_gmt":"2020-05-11T07:44:02","slug":"radco-keen-on-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/radco-keen-on-atlanta\/","title":{"rendered":"RADCO Keen on Atlanta"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

The RADCO Cos<\/a>. has acquired Andover at East Cobb and Crossing at McDonough, both Atlanta, Ga.-based multifamily developments, from Wilkinson Real Estate Advisors, Inc. for $53.4 million.<\/p>\n

\u201cThese properties were particularly appealing due to their immediate market-to-market opportunities because we saw the potential to increase rents after upgrading them to modern standards,\u201d Peter Fitzgerald, RADCO\u2019s principal & COO, told Commercial Property Executive<\/em>. \u201cThey are both underperforming similar assets in their respective submarkets, which shows room for immediate improvement in terms of both rent and occupancy growth, in addition to being well-located in areas with strong economic drivers and excellent growth potential.\u201d<\/p>\n

\"Andover<\/a>

Andover at East Cobb<\/p><\/div>\n

Originally constructed in 1983, the 302 units at Andover at East Cobb average 1,072 square feet, while the 252 units at the 2005-built, Class A Crossing at McDonough\u2019s apartments average 1,147 square feet. Community amenities at both include resort-style pools, fitness facilities and business centers with Wi-Fi.<\/p>\n

Both properties were immediately rebranded upon closing, with RADCO planning to invest $4 million at Winterset at East Cobb and $2.5 million at Crossings at McDonough to upgrade units, revitalize their amenity packages, and complete exterior improvements.<\/p>\n

\u201cThese improvements will add value to both assets, as well as make them more competitive in their respective markets,\u201d Fitzgerald added. \u201cWe seek well-located assets with the potential to raise rents and deliver higher returns through excellent management, higher-quality units and modernized amenities. Both have good bones and have been managed well during their lives, so RADCO will further capitalize on this enormous opportunity.\u201d<\/p>\n

Both properties are in locations with tremendous current job creation. Winterset at East Cobb is near the Atlanta Braves\u2019 new development site, which is attracting corporate relocations, new civic development, plus stadium construction jobs and all of the jobs needed to operate a $1 billion mixed-use development. Meanwhile, Crossings at McDonough benefits from its location in between the Port of Savannah and Hartsfield Jackson International Airport.<\/p>\n

According to Fitzgerald, the nation has seen an influx of capital, including a large amount of foreign investment, into strong Class B and C multifamily assets with value-added potential.<\/p>\n

\u201cAtlanta has been one of the main targets of this strategy,\u201d he concluded. \u201cBoth properties already have steady cash flow and attractive returns, so we are pleased to add them to our multi-family portfolio, which includes about 7,500 units in the metro Atlanta area, and we will further capitalize on this strategy in the coming months.\u201d<\/p>\n

RADCO\u2019s portfolio now includes 44 multifamily assets and 12,515 units, with an additional 1,301 units under contract, which should close in the next two months.<\/p>\n","protected":false},"excerpt":{"rendered":"

This multifamily developer has some work to do in Dogwood City.<\/p>\n","protected":false},"author":451,"featured_media":1004127376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742],"tags":[],"class_list":["post-1004127373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest"],"acf":[],"yoast_head":"\nRADCO Keen on Atlanta - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/radco-keen-on-atlanta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RADCO Keen on Atlanta\" \/>\n<meta property=\"og:description\" content=\"This multifamily developer has some work to do in Dogwood City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/radco-keen-on-atlanta\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-15T13:46:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T07:44:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/Andover-at-East-Cobb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"RADCO Keen on Atlanta\",\"datePublished\":\"2015-09-15T13:46:31+00:00\",\"dateModified\":\"2020-05-11T07:44:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/\"},\"wordCount\":436,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/Andover-at-East-Cobb.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/radco-keen-on-atlanta\\\/\",\"name\":\"RADCO Keen on Atlanta - 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