RADCO Completes First Acquisition of 2019 with $25 Million Purchase of Stonegate at Eagles Landing

ATLANTA, GA, June 24, 2019 (GLOBE NEWSWIRE) — The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its first acquisition of 2019 with the closing of Stonegate at Eagle’s Landings Apartments in Stockbridge, Ga. The 167-unit, Class A property has been renamed Crossings at Eagle’s Landing and will be managed by RADCO Residential, the Company’s proprietary management platform.

Crossings at Eagle’s Landing is located on Rock Quarry Road in Henry County, one of the fastest growing suburbs in the metro Atlanta region. This is RADCO’s 2nd community in the Henry County submarket. Since 2010, the population in Henry County has steadily increased, prompting many new job opportunities. The community is conveniently located off I-75 near many restaurants, major retailers and just one mile away from Piedmont Henry Hospital. It is also less than 25 minutes away from Hartsfield–Jackson Atlanta International Airport, the busiest airport in the world.

“As one of the largest owners and operators of apartment homes in Atlanta, we have seen great success in Henry County and we are anxious to expand our operations in this robust market” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “Crossings at Eagles Landing is already a wonderful community. However, we are confident that our thoughtful capital improvements plan and cutting edge service platform will provide an even more exceptional living experience for our residents."

Built in 2006, Crossings at Eagles Landing is situated on 29 acres and consists of 167 units within 8 two-, three- and four-story buildings. Averaging 1,185 square feet, the spacious garden-style apartments offer a range of one-, two- and three-bedroom floorplans that include a private patio or balcony. The community amenities include a resort style swimming pool, outdoor fire pit, clubhouse, 24-hour fitness center, tennis/basketball courts, baseball/soccer fields, car care center, business center, gift wrapping station and laundry facilities.

RADCO plans to spend nearly $1.2 million, or approximately $7,700 a unit, on capital improvements to further modernize the community. Building repairs, additional unit renovations and common area enhancements will transform the look of the property and quality of experience. Amenity improvements will feature clubhouse improvements, new pool furniture, a new playground, tennis court restoration and landscaping upgrades to improve our resident’s living experience.

RADCO financed the acquisition with private capital and debt furnished by Fannie Mae. Since 2011, the Company has raised over $690 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.

The RADCO Companies

RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include approximately 17,000 units in Colorado, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. For more information, please visit www.radco.us.

Attachment

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Source Article

PointOne Holdings Buys Atlanta-Area Apartments for Nearly $18M

Stockbridge, Ga.—PointOne Holdings has acquired the 240-unit Southwinds Stockbridge Apartments in Stockbridge, Ga., for $17.8 million. The property was built in 1993 and substantially renovated in 2007; it’s currently 96 percent occupied.

The buyer, an investment group with offices in Hollywood, Fla., and Atlanta, plans to rebrand the community as Southwinds Point. As part of the rebranding, it will invest $1.25 million for improvements to the property. The renovations will include upgrades to unit interiors, as well as to the leasing and resident centers.

PointOne also plans to modernize and add more amenities, including a new dog park, outdoor kitchens and fireplaces, new signage and a gazebo with picnic tables and outdoor grilling stations. “The property has tremendous potential,” PointOne managing member Craig Sternberg pointed out.

PointOne obtained a $13.75 million non-recourse loan at a fixed rate with a 10-year term from Starwood Mortgage Capital to complete the acquisition. The company was advised in the deal by Charles Foschini and Jason Hochman of CBRE Capital Markets.

Stockbridge is in Henry County, and part of the Atlanta MSA. Demand for apartments in greater Atalnta has been brisk in recent years as the area has seen employment expansion greater than the national average.

Multifamily development is brisk as well. According to investment specialist Marcus & Millichap, developers will add 9,750 units to the market in 2015, up modestly from last year. Mostly, however, they won’t be in places like Henry County. Rather, new rentals will focus on high-rent areas in the Downtown, Midtown and Buckhead submarkets.

Source Article

Sandy Hook families sue Infowars’ Alex Jones over hoax claims

BRIDGEPORT, Conn. — Family members of six victims of the deadly 2012 mass shooting at Sandy Hook Elementary School in Newtown, Connecticut, and an FBI agent have filed a defamation lawsuit against Infowars’ Alex Jones over his claims that the massacre was a hoax.

>> Sandy Hook parents accuse Alex Jones, Infowars of defamation, seek damages

According to The Associated Press, the suit, filed Wednesday in Bridgeport Superior Court, says the plaintiffs were harassed and threatened because of his claims. They seek "monetary and punitive damages, attorney fees and other costs," the AP reported.

This is just the latest legal action against the conspiracy theorist over his Sandy Hook statements. He is facing two similar lawsuits filed last month in Texas.

Jones has not publicly commented on the most recent lawsuit, but said last month that even though he initially "questioned the PR and the talking points that surrounded the Sandy Hook massacre," he soon "began to believe that the massacre happened, despite the fact that the public doubted it."

Trending – Most Read Stories

Source Article