FOR IMMEDIATE RELEASE
February 12, 2015
The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, has closed on its first acquisition of 2015. The 228-unit Bay Park Apartments in Clearwater, Fla., was purchased for $29.6 million. The luxury apartment community is strategically located near the intersection of Gulf to Bay Boulevard and U.S. 19 in metro Tampa.
RADCO financed the acquisition with a mixture of Freddie Mac financing obtained through Walker & Dunlop and private capital. Since August 2011, the company has raised more than $218 million of private capital to fund its purchases.
Atlanta-based REIT Post Property originally developed the apartment complex in 1990. The seller tried to convert the property into condominiums just before the recession and invested heavily to upgrade many of the units. The Class B+ property features nine three-story buildings across 15.6 acres. Bay Park includes 24 studios, 48 one-bedroom units, 120 two-bedrooms and 36 three-bedroom apartments, with an average unit size of 1,010 square feet. The community also offers a pool, putting green, dog park, centrally located lake, and lighted tennis courts. Bay Park’s leasing center features office space, meeting rooms, an exercise facility and movie theater.
“We are thrilled to acquire our first property of 2015 in a new market, which allows us to further our value-added strategy of repositioning underperforming assets,” said Norman Radow, RADCO’s founder and CEO. “This property already has a great deal of sizzle, and we are eager to make the improvements that will take it to an entirely new level of luxury.”
RADCO plans to invest approximately $2.1 million to quickly reposition the asset. The clubhouse will be extensively renovated and expanded. The company will also upgrade unit interiors, improve the building exteriors, and rebrand the asset as City Park Clearwater to further distinguish the property among its competitors.
The property is RADCO’s first acquisition in the state of Florida and is part of the company’s rapid expansion. It added 20 new multifamily communities totaling over 5,500 units to its portfolio in the past year alone, bringing its assets owned to 10,404 units. RADCO plans to add about 3,000 units in the Southeast and Midwest to its portfolio in 2015.
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 10,404 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas, and now Florida.