The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Ashford 2788, a 297-unit apartment community in Atlanta, GA to Quintus for approximately $49.5 million.
RADCO acquired the asset in 2014 and implemented an extensive capital improvement plan to renovate the Class-B complex, which included adding a new clubhouse, fitness center and dog park as well as substantial exterior and interior renovations to the property’s townhome style units.
The Ashford 2788 complex boasts an excellent location in Atlanta’s Upper Westside neighborhood, a rapidly emerging employment and entertainment hub that has benefited from millions of square feet of new office and retail space. The property is immediately adjacent to many popular restaurants and outdoor lifestyle amenities.
“We’re pleased with the execution of our business plan for the transformation of Ashford 2788, which has led the resurgence of this vital in-town neighborhood,” notes Norman Radow, CEO of the RADCO Companies. “We purchased the property in 2014 and our renovations and proactive asset management helped reposition it into an appealing multifamily choice for residents within this popular Atlanta submarket. This successful transaction is another demonstration of RADCO’s value-added real estate strategy and investment expertise.”