RADCO Acquires Apartment Community in Metro Atlanta for $22.9M
SANDY SPRINGS, GA. — The RADCO Cos. has purchased the 192-unit Spalding Bridge apartment community in Sandy Springs, a northern suburb of Atlanta. RADCO purchased the asset from JMG Realty for $22.9 million. JLL brokered the sale. RADCO financed the acquisition with private capital and debt from Community and Southern Bank. Built in 1984, the apartment complex is situated on Trowbridge Road near Sandy Springs’ main thoroughfare Roswell Road and four miles from I-285. The community is also within two miles of Mercedes-Benz USA’s new headquarters in Atlanta’s Central Perimeter office submarket. RADCO plans to invest roughly $2.3 million to renovate the property’s clubhouse and leasing center. Upon completion of the capital improvements, RADCO will rebrand Spalding Bridge with the company’s Ashford moniker. Including this transaction, RADCO owns 46 multifamily assets totaling 13,255 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.