Dealmaker: RADCO Acquires Midtown Atlanta Multifamily for $131M
The RADCO Cos., Atlanta, acquired Skyhouse Midtown, a 320-unit, 23-story multifamily building in Midtown Atlanta for $131 million.
A Northmarq team led by Managing Director Jason Nettles and Senior Vice President Megan Thompson brokered the transaction.
Novare Group, Atlanta, developed Skyhouse Midtown at 1080 W Peachtree Street NW in 2013. RADCO renamed the property The M by Radius.
NewPoint Real Estate Capital, Plano, Texas, closed a $93 million bridge loan for for RADCO to acquire the property. NewPoint launched a balance sheet bridge program in December that targets loan sizes between $10 million and $100 million with terms of up to five years.
Geri Borger Urgo, Head of Production for NewPoint, said the well-located property will prove attractive to Atlanta-area renters, “whose preferences are shifting back to the urban core.”
The property, the first high-rise multifamily building RADCO has acquired in the current investment cycle, joins nearby Radius West Midtown Apartments to bolster the company’s Atlanta presence. RADCO previously owned the 53-story Four Seasons hotel, office and residential tower nearby.
The building, one of the first buildings constructed in Atlanta after the Great Recession, occupies the corner of West Peachtree and 12th Street, with offices, retail and entertainment nearby. The ground floor includes 8,700 square feet of retail space.
The M by Radius is the closest high-rise to the I-75/85 connector in Midtown and includes studio, one-, two- and three-bedroom apartments as well as a rooftop pool and lounge with 360-degree views of Atlanta’s skyline.
“As residents and capital migrated to the suburbs during the pandemic, the cost of buying suburban apartment assets also substantially increased,” said RADCO CEO Norman Radow. “There’s been a recent shift back to the urban core, making in-town residential an attractive investment once again.”
