Atlanta firm buys 4th Florida rental property
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.
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.