Business & Tech
RADCO Cos. Close Deal on Pavilion Property
Real estate company will spend $4.8 million to renovate the apartment complex.
Atlanta-based RADCO Cos. said it closed the deal to purchase the Pavilion at Decatur, a 144-unit apartment complex at 3681 North Decatur Road.
The company, which specializes in acquisitions of distressed properties, plans to spend $4.8 million on the complex to renovate it.
The Pavilion, which is mainly comprised of three-bedroom apartments, will undergo a complete refurbishing, including ground-up construction of a clubhouse, fitness center, pool and playground.
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"One of RADCO's strategies is to acquire multifamily properties below market that also have significant upside potential, and Pavilion is such a property," Norman Radow, RADCO's president and chief executive, said in a statement. "Our plan is to completely transform a previous blemish in the neighborhood into a clean, safe and upscale community.
"Our redevelopment plan coupled with the ongoing construction of the county park will have a profound effect on the quality of life for our residents and the overall community."
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The Pavilion acquisition is the eighth property purchase since November and the 16th since RADCO's founding in 2011.
The company now has more than 3,000 units under ownership.
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