National developer continues its run of successful dispositions with sale of 292-unit multifamily property in Palm Harbor, FL
(Palm Harbor, FL– December 07, 2020) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Ashford on the Lake, a 292-unit apartment community located at 3975 Country Place Lane in Palm Harbor, FL. The property was sold to TruAmerica for $47 million.
The transaction marks the 71st successful multifamily property disposition for RADCO during this real estate cycle representing nearly $2.3 billion in sales.
“Ashford on the Lake was a perfect deal,” notes Norman Radow, CEO of the RADCO Companies. “During our five years of ownership, we reset the property’s economic clock, created a wonderful sense of community, achieved a solid return for our investors, and sold it to people I both respect and genuinely admire.”
The Newmark team comprised of Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented RADCO in the transaction. TruAmerica was represented by Vice Chairman Mitch Clarfield and Managing Director Ryan Greer of Newmark’s Debt & Structured Finance group in arranging financing for the acquisition.
Ashford on the Lake offers one-, two- and three-bedroom floor plans with open concept living spaces. The property includes a full list of recreation options for residents including a yoga studio, fitness center, sand volleyball and tennis courts, resort style pool, dog park and playground. The community also offers a beautiful lake view and boat launch.
The property is situated near Saint George Lake and a short drive from the Gulf of Mexico, Tampa and St. Petersburg, offering an abundance of cultural, shopping, dining and recreational opportunities nearby.
The RADCO Companies
RADCO was founded in 1994 with the mission of “Building Better Living.” Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets. For more information, please visit www.radco.us.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit www.nmrk.com or follow @newmark.