The RADCO Companies, an opportunistic real estate developer, Wednesday announced the acquisition of Skyhouse Midtown, a 320-unit, 23-story high-rise multifamily building in Midtown. RADCO paid $131 million for the property, according to a press release.
The property has been renamed “The M by Radius.” Radius is RADCO’s “highest” brand and joins nearby Radius West Midtown. RADCO previously owned the 53-story Four Seasons hotel, office, and residential tower just blocks away from The M by Radius.
Built in 2013, the newly-branded The M by Radius was one of the first buildings constructed in Atlanta coming out of the Great Recession, according to the release. The property includes 8,658 square feet of retail space. The building consists of studio, one-, two-, and three-bedroom apartments and “amenities in the sky” including a rooftop pool and lounge, fitness center, and grills all with 360-degree views overlooking Atlanta’s skyline. The unit interiors at The M by Radius have modern, open floorplans with ample room for value-add expansion.
“RADCO is pleased to announce we have acquired Skyhouse Midtown, our first high-rise, late vintage property acquisition in this cycle,” Norman Radow, CEO of the RADCO Companies, said. “As residents and capital migrated to the suburbs during the pandemic, the cost of buying suburban apartment assets also substantially increased. There’s been a recent shift back to the urban core making in-town residential an attractive investment once again. The M by Radius offered everything we were looking for in an urban multifamily asset and as always, we intend to invest in this incredible building and significantly improve the resident experience. RADCO intends to seek out additional urban residential investments throughout the Southeast.”
Skyhouse was first created by developer Jim Borders and his Novare Group. The deal represents the 100th transaction for RADCO during the current real estate cycle. The Northmarq team led by Jason Nettles and Megan Thompson brokered the transaction.