The RADCO Companies Expands South Carolina Presence With Granite At Taylors Acquisition

FOR IMMEDIATE RELEASE
Sept. 28, 2015

The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, has acquired the 548-unit Granite at Taylors for $33.75 million. This marks RADCO’s third acquisition in the state of South Carolina. In August 2014, the company acquired Ashford Cove and Ashford Pointe, formerly known as Cobblestone and Country Club, respectively, in Anderson, S.C. RJ Finlay & Co. was the seller and CBRE brokered the transaction.

RADCO financed the acquisition with private capital and financing from BBVA Compass Bank. Since August 2011, the company has raised $290 million of private capital to fund its purchases.

Granite at Taylors includes 548 one-, two- and three-bedroom garden-style apartments and coveted townhomes. The property is located in the city of Taylors, which is a northeastern suburb of Greenville and is the largest suburb of the Greenville/Spartanburg metro. It is a scant 10-minute drive from the BMW plant, which is currently expanding to become the largest BMW car factory in the world. The community features acres of walking trails, as well as grills and picnic tables throughout the property. Additional amenities include two swimming pools, a clubhouse, sport court, dog park, playground and on-site laundry facilities.

“Granite at Taylors joins our two other properties in the Upstate area of South Carolina, which are already exceeding all of our expectations,” said Norman Radow, founder and CEO of RADCO. “We have an opportunity to take Granite at Taylors to an entirely new level and build it into a market-leading community, and we are going to do just that!”

RADCO will invest more than $6 million in a comprehensive capital improvement plan at the property, and is initially rebranding the community as Cobalt Springs. It will lend its “Ashford” brand to the property once the capital plan is implemented. The firm will also upgrade unit interiors, expand the property’s already impressive amenity package, and improve its aesthetic appeal through a panoply of exterior renovations.

RADCO’s portfolio now includes 45 multifamily assets with four additional properties, totaling about 1,300 units, set to close during the next few weeks.

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 more than 13,000 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.