Cushman & Wakefield has arranged the $54.25 million sale of 464 Bishop, a 232-unit apartment community located in Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Newport Development Partners, in the transaction. The RADCO Companies acquired the property and rebranded it to Radius West Midtown upon takeover.
“464 Bishop’s unique location and Newport Development Partner’s delivery of high-quality product provide a special opportunity within West Midtown,” Stickel said. “Also, the Loring Heights neighborhood has increasing walkability and incredible access to many new jobs. With Radius West Midtown’s upward performance trend and central, growth-oriented position, we are excited to see this opportunity join RADCO’s impressive portfolio.”
Completed in 2017, 464 Bishop is a top-of-market urban infill midrise representing an impressive long-term hold opportunity due to the unwavering job growth in Midtown and new commercial development in West Midtown. Strategically rooted in Loring Heights, surrounded by game-changing development and the emergence of the Westside BeltLine trail, 464 Bishop is poised for substantial effective rent growth and concession burn-off.
“464 Bishop, another high-quality multifamily property by Newport Development Partners, is primed for a strong future supercharged by Midtown’s explosive job growth,” Spain said.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.