RADCO Companies acquired the newly built Solis Reynolds Place apartment community in Duluth from developer Terwilliger Pappas.
Lyra by Radius is located at 3865 Shackleford Road in Duluth. Courtesy of Google Maps.
Atlanta-based RADCO renamed the 228-unit property Lyra by Radius, in keeping with its other local communities The M by Radius, Radius West Midtown and Gibson by Radius.
“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,” RADCO Vice President of Investments Keanan Gomez said in a press release. “The transaction was made possible by our deep capital market relationships, spearheaded by CIO Lisa Hurd and Vice President 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 property, located at 3865 Shackleford Road, includes one-, two- and three-bedroom apartments with stainless-steel appliances, granite countertops and condo-style closets. Community amenities include building-wide Wi-Fi, a saltwater pool and sundeck, co-working spaces, a cinema lounge, game room, dog park and indoor pet spa.
The transaction was arranged by a Newmark brokerage team led by Derrick Bloom and Hunter Amos.