The RADCO Cos. has sold seven Southeast multifamily communities with 1,941 rental homes in four separate deals, which all closed in one day, totaling more than $315 million.
With these closings, the opportunistic real estate investor has acquired, improved, and sold 59 multifamily assets during the current real estate cycle totaling nearly $1.8 billion. The Atlanta-based firm has acquired and invested in approximately 30,000 units in 15 markets over the past decade.
“These seven communities are successes for our company in so many ways. I am proud of the execution of our business plans and that RADCO has provided a superior product and excellent service for a value most people can afford,” said CEO Norman Radow. “We have provided our investors above market returns for four- and five-year holds, and we have sold these assets to quality companies that should continue to manage them in a way that is best for these neighborhood for years to come.”
Greystar purchased a three-property portfolio from RADCO in Kennesaw, Ga., for nearly $138.8 million. The properties include the 255-unit Ashford Ridenour, the 296-unit Bridges of Kennesaw, and the 240-unit The Landing at Acworth. The transactions were brokered by CBRE.
Lion Real Estate Group acquired a two-property portfolio in Atlanta for nearly $83.3 million. The transactions also were brokered by CBRE and include the 260-unit Ashford 6860 and the 324-unit 2800 at Sweetwater.
Stonebridge Investments acquired the 264-unit Magnolia Terrace in Charlotte, N.C., for $40.7 million. That transaction was brokered by Cushman & Wakefield. In addition, Advenir Real Estate purchased the 302-unit Winterset at East Cobb in Marietta, Ga., for nearly $52.9 million. That transaction was brokered by Walker & Dunlop.