Atlanta firm acquires rental complex in Tampa

Miami /
Jul.July 09, 2016 01:45 PM

Atlanta-based RADCO Companies paid $20.1 million for a 32-year-old apartment complex in Tampa and plans to spend $5.2 million renovating the property.

RADCO acquired the 372-unit Newport Villas Apartments in Tampa, which the company renamed Mabry Manor.

The garden-apartment property, built in 1984, comprises 22 two-story and three-story buildings on a 20-acre campus. Most of the buildings are next to a lake in the center of the property. RADCO called Mabry Manor a “B-minus class” property in a press release.

Mabry Manor offers easy access to large Tampa employment centers, Tampa International Airport, Raymond James Stadium and George M. Steinbrenner Field.

Mabry Manor is RADCO’s fifth multifamily property acquisition in Florida, including one in Orlando and three others in the Tampa-Clearwater market.

It is the 58th acquisition by RADCO since 2011. RADCO financed the purchase and planned improvements with private capital and financing from Prudential Financial.

Since August 2011, the company has raised over $429 million in private capital to fund its acquisitions.


Related Articles

arrow_forward_ios
(Photos via Getty Images)
Hurricane Ian wreaks devastation on southwest, central Florida: Photos
Hurricane Ian wreaks devastation on southwest, central Florida: Photos
(Photos via Getty Images)
Hurricane Ian makes landfall in southwest Florida: Photos
Hurricane Ian makes landfall in southwest Florida: Photos
(The Real Deal illustration with Getty Images)
As Hurricane Ian approaches, builders secure Florida sites
As Hurricane Ian approaches, builders secure Florida sites
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...