Marks the Atlanta-Based Developer’s 60th Acquisition Since 2011; Third Property in the Northern Cobb County Market

The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its eighth acquisition of 2016 with the closing of Stanton Place Apartments in Acworth, Georgia. The property, renamed The Landing at Acworth, adds 240 A-class units to RADCO’s portfolio and will be proudly managed by RADCO Residential, the Company’s proprietary management platform. The Landing at Acworth is RADCO’s 60th acquisition since August 2011, its eighth of the year, and its third community in the northern Cobb County market of metro Atlanta.

The purchase price for The Landing at Acworth was $23.3 million, and RADCO plans to spend upwards of $3 million on capital improvements to modernize and upgrade the already exceptional community. RADCO financed the acquisition with a first mortgage loan from First Tennessee Bank and $8.4 million in private capital. Since August 2011, the company has raised over $448 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.

The Landing at Acworth is located less than one mile from I-75in northern Cobb County. The community provides easy access to major employment centers in metro Atlanta and is located in a distinguished school district, which includes North Cobb High School. The 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.

Nearby major employment centers include 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. Residents in the area also benefit from the proximity 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.

“Acworth’s rapid economic and commercial growth over the past decade has been off the charts,” said Norman Radow, founder and CEO of The RADCO Companies. “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. The soon to be newly upgraded Landing at Acworth will provide residents with central access to everything the city has to offer, great amenities, and modern living features that deliver on their previously unmet needs at a value to the market.”

The Landing at Acworth is a well-constructed, gated community built in 2001. The property consists of eight three-story garden-style buildings with brick and Hardiplank siding, with mature landscaping throughout. Averaging 960 square feet, the units offer a range of spaciously sized one-and two-bedroom modern floorplans. The community amenities include a standalone fitness center, swimming pool, nature trail, tennis court, dog park, playground, business center, carwash, and detached garages.

RADCO plans to invest over $3 million to transform and expand the community amenities and clubhouse, as well as carry out exterior improvements and significant interior unit upgrades. Specifically, RADCO’s capital plan will focus on modernizing the unit interiors with upgraded flooring, cabinetry, modern lighting, hard-surface countertops, new appliances, and designer paint. The scope of the value-added amenity and exterior improvements includes installing cobblestone or brick pavers at the entry drive, reconfiguring the clubhouse, resurfacing the pool, expanding and enhancing the dog park with agility equipment, upgrading the fitness center with state-of-the-art equipment, adding an outdoor kitchen, installing new outdoor seating, revitalizing the exterior buildings, provide access to walking nature trail, and invest heavily in landscaping and lighting throughout the already impressive property grounds.

The RADCO Companies

RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include over 15,000 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas, Florida, and North Carolina.