The RADCO Cos Sells Charleston Multifamily Portfolio
The RADCO Cos. has sold a three-property, 498-unit multifamily portfolio in Charleston, South Carolina, to Braden Fellman Group for $76 million. The deal marks the 84th transaction for RADCO, an opportunistic real estate developer, during the current real estate cycle, bringing its total transaction volume to more than $3.04 billion in sales.
“Once again, I am proud of the remarkable accomplishments of the RADCO team in stabilizing and improving these incredibly well-located older communities,” said CEO Norman Radow. “With these sales we begin our journey to reach $4 billion in completed transactions in this cycle alone.”
The portfolio sale includes the 139-unit Ashford Palmetto Square and the 161-unit Ashford Riverview, both acquired by RADCO in 2018; and the 198-unit Radius West Ashley, acquired in 2017.
Located in Central Charleston, Ashford Palmetto Square features one- and two-bedroom floor plans along with a wealth of community amenities, including a pool with a sundeck, a community garden, fire pits, a pet-friendly bark park, laundry facilities, Amazon package lockers, and a barbecue picnic area.
Ashford Riverview is located in the heart of West Ashley on the Ashley River. It includes one-, two-, and three-bedroom floor plans with landscaped courtyards, a pool with a sundeck, a bark park, a fitness center, a business center, barbecue and picnic areas, and laundry facilities.
Radius West Ashley is just minutes from downtown Charleston, the College of Charleston, and the MUSC University Medical Center. The pet-friendly community offers one-, two-, and three-bedroom floor plans. Amenities include a clubhouse, a business center, a resort-style pool, Wi-Fi in the clubhouse, a state-of-the-art fitness center, and laundry facilities.
Based in Atlanta, RADCO has acquired and invested in approximately 30,000 multifamily units in 15 markets.