The RADCO Companies Completes 12th Acquisition of 2016 with Purchase of Mesa Ridge

Press Release
The RADCO Companies Completes 12th Acquisition of 2016 with Purchase of Mesa Ridge

Atlanta-Based Developer Now Owns Seven Properties in Texas

(SAN ANTONIO, TX – October 31, 2016) – The RADCO Companies (RADCO), one of the Nation’s leading opportunistic real estate developers, completed its 12th acquisition of 2016 with the closing of the Mesa Ridge apartments in San Antonio, Texas. The property, renamed City Crest, adds 200 Class B units to RADCO’s portfolio and will be proudly managed by RADCO Residential, the Company’s proprietary management platform. City Crest is RADCO’s 64th acquisition since 2011 and its third community in the San Antonio market.

RADCO plans to spend upwards of $2.9 million on capital improvements to modernize and update the community. RADCO financed the acquisition with Prudential Financial and using private capital. Since August 2011, the company has raised over $474 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.

City Crest is favorably located in the Medical Center submarket of the Northwestern quadrant of San Antonio. The property lies along USAA Boulevard, which is one half mile west of Interstate 10 and two miles north of Interstate 410. City Crest’s proximity to these major highways provides direct access to both downtown San Antonio and the perimeter loop surrounding the city, offering residents convenient commutes to the major employment, retail, and lifestyle centers in the metropolitan area. The attractive business climate in Texas has influenced dramatic job and population growth in San Antonio. Specifically, the combined presence of the nearby USAA headquarters and South Texas Medical Center campus has had a profound economic impact on the area.
“We are excited to grow our Texas footprint with the addition of City Crest, which is advantageously located near the South Texas Medical Center campus and is within walking distance of the current USAA headquarters,” said Norman Radow, founder and CEO of The RADCO Companies.

City Crest is a quaint community built in 1984. The property consists of 200 two- and three-story buildings across 7.9 acres. With garden-style units averaging 736 square feet, the property offers a combination of one- and two-bedroom units with well-laid out floorplans. Moreover, the configuration of the buildings creates a neighborhood atmosphere in the heart of one of San Antonio’s flourishing submarkets.

RADCO plans to invest over $2.9 million to transform the look and feel of the property through upgraded units, improving upon the exterior appearance and common area amenities, and remedying any remaining deferred maintenance. Specifically, RADCO’s capital plan will concentrate heavily on exteriors renovations and building repairs. RADCO’s capital improvements plan will also focus on modernizing unit interiors with a higher-quality finish level that includes updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. The scope for the value-added amenity improvements includes upgrading the pool areas with updated furniture and a new deck, as well as refurbishing the leasing office and clubhouse to create a more inviting space for residents and prospects alike.


The RADCO Companies

RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include 10,176 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina and Texas.