A Gwinnett County apartment complex just sold for $31.7 million.
Atlanta-based The RADCO Cos. bought The Pointe at Sugarloaf Apartments and plans spend upwards of $4 million on capital improvements to modernize the 35.5-acre property.
The 324-unit multifamily development is in Lawrenceville, Ga.
Norman Radow, founder and CEO of The RADCO Cos., said Gwinnett invests in major infrastructure improvements that support higher end developments.
Ricky Jones, a director in Franklin Street Real Estate Services’ Atlanta office, said as the cap rates in Atlanta’s core markets become more and more compressed many investors are moving back to the suburbs in search of yield.
“Like Cobb county and the 75 corridor, Gwinnett and the 85 corridor are seeing tremendous growth and activity,” Jones said. “The Gwinnett market is still quite affordable, often producing more attractive yields than other suburbs, and has much more room to grow.”
RADCO will finance the acquisition and planned renovation using private capital and financing from BBVA Compass.
The property will be renamed 2800 at Sweetwater and will be managed by RADCO Residential.
RADCO’s multifamily portfolio has more than 15,000 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.