RADCO Completes $22M Purchase of Tuscana Apt Homes
Friday, August 18th, 2017
The RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its seventh acquisition of 2017 with the closing of Tuscana Apartment Homes in Norcross, Georgia. This is RADCO’s 73rd acquisition since 2011, its 38th acquisition in Georgia, and its eighth community in the Gwinnett County submarket.
The 260-unit, Class B property has been renamed Ashford 6860. Ashford 6860 will be proudly managed by RADCO Residential, the Company’s proprietary management platform.
Ashford 6860 is advantageously located in the Gwinnett County submarket of northeast Atlanta. The community has direct access to I-85, I-285, and Steve Reynolds Boulevard, allowing commuters plenty of options to get to work, area amenities, and a direct route to Hartsfield-Jackson International Airport. Gwinnett County is one of the fastest growing suburbs of Atlanta and has seen some of the most robust job growth in all of metro Atlanta. Since 2000, the population in Gwinnet Country has increased by 36 percent. Moreover, the population grew by over 16,000 in the past year alone and the area is currently home to more than 120 international corporate headquarters.
“The population growth in Gwinnett County has been astounding and is a key macroeconomic indicator we look for in RADCO acquisitions,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies.” After we initiate our robust capital improvements plan, Ashford 6860 will be one of the best value-added communities in this suburban market.”
Built in 1974, Ashford 6860 is situated on 12.5 acres and consists of 15 two- and three-story buildings. Averaging 874 square feet, the spacious garden-style apartments offer a range of one-, two-, and three-bedroom floorplans. The community amenities include a swimming pool, clubhouse, fitness center, and expansive greenspace.
RADCO plans to spend over $4 million, or approximately $16,600 a unit, on capital improvements to modernize the community and reset its economic clock. Significant building renovations, unit interior upgrades, and enhancements to common area amenities will transform the look and feel of the property. Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. Amenity improvements will feature a complete clubhouse remodel, expansion of the fitness center, adding a fire pit/grilling area, upgrades to the community pools, and installing a package concierge system. RADCO also plans to replace all the roofs and add thoughtful landscaping and hardscape additions, exterior lighting upgrades, updated signage, and a community-wide new and modern paint scheme — all of which will drastically improve the property and our residents’ living experience.
RADCO financed the acquisition with private capital and debt furnished by Hamilton State Bank. Since August 2011, the Company has raised over $600 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.