The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the acquisition of Solis Reynolds Place, a newly constructed 228-unit multifamily asset located in Duluth, Georgia, a northeast Atlanta suburb.
The luxury property is being renamed “Lyra by Radius.” RADCO’s top-tier Radius brand includes other Atlanta area properties including The M by Radius, Radius West Midtown, and the recently acquired Gibson by Radius.
Newly built in 2022, Lyra by Radius is in the heart of popular Gwinnett County, deemed one of the top 10 fastest growing counties in the U.S. and the epicenter of the northeast Atlanta job corridor with connectivity to nearby major employment hubs. The property is also conveniently located along I-85, providing access to the best of Gwinnett County and Duluth’s upscale retail, dining and entertainment venues.
“I am delighted to announce that RADCO acquired the freshly rebranded Lyra by Radius,” said Norman Radow, CEO of the RADCO Companies. “Lyra by Radius is an incredible brand-new community in Duluth Georgia, a thriving suburb just north of Atlanta. The property is well thought out and beautifully built. It experienced an impressive leasing velocity and, having only received CO in July, the property is already nearly fully stabilized. RADCO now owns four core multifamily communities in Atlanta under our Radius brand.”
“We couldn’t be more excited to acquire this phenomenal property from Terwilliger Pappas, one of the best developers in the Southeast,” said Keanan Gomez, VP Investments of the RADCO Companies. “This property aligns perfectly with our investment strategy of targeting newly delivered, high-quality properties in the early-middle stages of lease-up; a deal profile we will continue targeting into 2023. The transaction was made possible by our deep capital market relationships, spearheaded by CIO Lisa Hurd and VP Nicoletta DeSimone, which allowed us to put together an accretive capital stack in what has proven to be the most difficult debt market of the last decade.”
The building consists of one-, two-, and three-bedroom apartments and the high-end units include gourmet kitchens with stainless steel appliances, granite countertops throughout, and condo-style closet systems. Additional apartment features include walk-in showers, energy-efficient LED fixtures, plank flooring, and large terraces and balconies.
The property offers building-wide Wi-Fi and ample greenspace with sitting areas. The resort-style saltwater pool and sundeck boast poolside cabanas and lounges. Other community features include flexible co-working spaces, a cinema lounge, game room, dog park, and indoor pet spa with washing and drying stations.
A Newmark brokerage team led by Derrick Bloom and Hunter Amos arranged the transaction.