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South Florida

Atlanta firm buys 4th Florida rental property

Lakeside at Winter Park
Lakeside at Winter Park

Atlanta-based RADCO Companies bought its fourth Florida apartment property in Winter Park for $32.1 million.

RADCO bought the 288-unit Class B property for $111,458 per unit and renamed it Lakeside at Winter Park. The Orlando office of CBRE Inc. brokered the transaction.

The new owner plans to spend at least $3.7 million to upgrade apartments, the clubhouse and offices at Lakeside at Winter Park. BBVA Compass provided financing to RADCO for the Winter Park property acquisition and renovation.

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Lakeside at Winter Park was built in 1986 on 26.5 acres featuring three lakes, tennis courts, pools and a dog park. The apartment complex is a cluster of 16 two-and three-story buildings

RADCO also owns three Florida apartment properties in the Tampa-Clearwater area.

The Atlanta-based company has raised $390 million in private capital since 2011 to fund its property acquisitions. RADCO  owns a multifamily housing portfolio with more than 15,000 units in Colorado, Florida, Illinois, Indiana, Oklahoma, South Carolina and Texas.