ATLANTA, Jan. 14, 2014 /PRNewswire/ -- The RADCO Companies, one of the nation's leading real estate turnaround specialists, is continuing its strategy of acquiring distressed residential communities with its purchase of Les Jardins Apartments in Atlanta, GA. The 160-unit apartment community was acquired by RADCO for $9.375 million. The announcement was made by the company's founder and CEO, Norman J. Radow.
The Les Jardins acquisition increases RADCO's current multifamily portfolio to over 5,300 units. RADCO has financed the purchase through a mixture of bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions.
Les Jardins has the largest units in the marketplace. The property is also in an excellent location. It's located along both I-85 and I-285 within the Chamblee submarket of Atlanta and thus provides excellent access to various employment centers, retail establishments, schools and entertainment districts. The location is particularly well suited for families, as it is within walking distance to an elementary school and a middle school. It is also located in the Lakeside High School district, one of the top schools in DeKalb County and is just blocks from Mercer University's Atlanta campus. The convenient access to the top schools in the submarket is a primary driver for prospective renters with families.
The property's layout is also more conducive to family occupants. It consists of 60% three-bedroom units, with approximately 25% two-bedrooms and 15% four-bedrooms. There is only a single one-bedroom unit at the property. Additionally, the floor plans are extremely large, averaging 1,700 square feet and are more reminiscent of a single-family home, with lots of natural light and a master bedroom separated from the other bedroom(s).
"As this is our hometown, we are particularly excited about the growth opportunities in the Atlanta Metro market," said Mr. Radow. "The city provides a high quality of life in addition to an excellent employment base and top tier universities."
As a result of these advantages, Atlanta greatly appeals to some of the largest employers in the country. In fact, Atlanta ranks third nationally for cities with the most Fortune 500 company headquarters. Home Depot, UPS, Coca-Cola, and Delta Air Lines are all headquartered in Atlanta, as well as many others that have international and regional offices in the city.
The RADCO Companies will rename the property Ashford Embry Hills. RADCO will also implement a five-year business plan, which includes a multi-million dollar capital improvements plan designed to transform the property. The renovation will address deferred maintenance along with renovations to existing and underutilized amenities and apartments. The largest part of the plan is to convert a former church located at the entrance to the property into a clubhouse, leasing and amenity center.
RADCO's mission is "Building Better Living". The national real estate development company was founded in 1994, and is based in Atlanta, Georgia.
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SOURCE The RADCO Companies