RADCO Acquires Apartment Community in Metro Atlanta for $13.6M

DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.