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