After sitting out the acquisition market, RADCO returned this week with its first buy of this cycle.
The Atlanta-based owner, manager and developer has acquired Legacy at Riverdale, a 615-unit residential community in Riverdale, Georgia, according to a news release shared with Multifamily Dive. RADCO will rebrand the property as Rhythm at Riverdale as part of a repositioning.
“We are already underway on multiple capital projects to enhance the quality of the community and the overall resident living experience as we re-establish Rhythm at Riverdale as one of the top rental options in the Riverdale market,” Keanan Gomez, executive vice president and co-head of multifamily investments, said in the news release.
The property, which sits on a 48-acre site south of downtown Atlanta and near the Hartsfield-Jackson Atlanta International Airport, includes 57 two-story buildings and features studio, one-, two- and three-bedroom layouts ranging from 550 to 1,450 square feet. Its amenities include multiple swimming pools, tennis and pickleball courts, laundry facilities and grade-level parking.
Rhythm at Riverdale will be the first property in the RADCO portfolio to use the Rhythm name, the company’s new brand for value-add properties.
“Rooted in comfort, reliability, and convenience, the Rhythm brand was created for RADCO's value-add assets and celebrates a lifestyle designed for working-class residents who value connection and stability,” said Travis Block, vice president of marketing and brand strategy at RADCO, in the news release.
The firm plans to upgrade the apartment units, enhance common areas, and make exterior improvements, including building and mechanical repairs.
“The purchase of this well-located Atlanta market property allows us to tap into our vertically integrated, value-add strategy of repositioning underperforming multifamily assets,” Norman Radow, CEO of RADCO, said in the release.
Founded in 1994, RADCO has focused mainly on multifamily redevelopment. However, in 2021, the firm broadened its strategy to include new development, hospitality and industrial projects, while also adding third-party apartment management services.
In 2023, executive vice president Chris Simon told Multifamily Dive that the firm planned to expand its management platform to 25,000 units in various ways.
“I think a lot of that growth is going to be organic from us pounding doors and ringing phones,” Simon said. “But we’re also in the market of acquiring other management companies.”
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