Latest Deal from the Nation’s Leading Real Estate Turnaround Specialist Comes Weeks After Announcing Seven Multifamily Closings
ATLANTA, Feb. 7, 2013 /PRNewswire/ — The RADCO Companies, the nation’s leading real estate turnaround specialist, recently closed its eighth multifamily purchase in the past two months. The announcement was made by Norman Radow, President and CEO of The RADCO Companies.
The Pavilion at Decatur, which consists of 144 units near Emory University and Dekalb Medical Center in Decatur, GA, is RADCO’s most recent acquisition. This deal comes on the heels of a very active November and December, during which time the firm closed on seven other properties comprised of 983 units. The acquisition of Pavilion will be the sixteenth for RADCO since September 2011, bringing its total unit count to over 3,000.
RADCO will spend $4.8 million to completely renovate all of the units and to build a first class amenity package on the property. Upon completion, Pavilion’s units, comprised of mostly three-bedroom apartment homes, will all boast the highest quality residential finishes in the area. The amenity package will feature a new, ground-up construction clubhouse, fitness center, pool and playground. Pavilion is adjacent to a brand new park under construction by DeKalb County.
“One of RADCO’s strategies is to acquire multifamily properties below market that also have significant upside potential, and Pavilion is such a property,” said Mr. Radow. “Our plan is to completely transform a previous blemish in the neighborhood into a clean, safe and upscale community. Our redevelopment plan coupled with the ongoing construction of the county park will have a profound effect on the quality of life for our residents and the overall community.”
The RADCO Companies is a national real estate development company with extensive experience managing and repositioning well over $4 billion of distressed real estate. The firm, which was founded in 1994, is based in Atlanta and also maintains an office in Los Angeles. Its trademarked mission is “Building Better Living”.