The RADCO Companies (RADCO) completed its first acquisition of 2017 with the closing of Mountain Creek apartments in Chattanooga. This is RADCO’s first property in Tennessee.
RADCO has renamed the 296-unit, Class C-plus property Radius Mountain Creek. Radius The development will be managed by RADCO Residential, the company’s management arm.
Radius Mountain Creek is RADCO’s 67th acquisition since 2011 and its third community marketed under its new Radius brand.
RADCO plans to spend upwards of $6.5 million, or approximately $22,000 a unit, on capital improvements to modernize the community, update its apartments and reset its economic clock.
RADCO financed the acquisition using a $19.8 million Bank of North Georgia loan and over $8 million in private capital. Since 2011, the company has raised around $500 million in private capital to fund its acquisitions.
Radius Mountain Creek is located north of the Tennessee River and showcases views of nearby Signal Mountain. The property is only minutes away from downtown Chattanooga.
Built in 1972, Radius Mountain Creek is situated on 50 acres and consists of 27 two- and three-story buildings with mansard roofs. Averaging 931 square feet, the garden-style and townhome apartments offer a range of one-, two-, and three-bedroom floorplans. The community amenities include a fitness center, playground, clubhouse, business center and pool.
“Radius Mountain Creek is a perfect acquisition to kick off the new year,” says Norman Radow, founder and CEO of RADCO. “This project provides us with an opportunity to be creative, think outside of the box and develop an entirely new and modern community.”
RADCO plans to transform the look and feel of the property through building upgrades, unit interior upgrades and common area amenities enhancements.
RADCO’s exterior improvements will concentrate on removing and replacing the mansard roofs, exterior skin, windows and balcony doors. Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops and designer paint.
Amenity improvements will include a clubhouse remodel, fitness center upgrades, a new pool and outdoor social area additions such as fire pits and grilling areas. RADCO also plans to upgrade the exterior lighting and improve the landscaping throughout the property.
Source: The RADCO Companies