ATLANTA, GA, Sept. 30, 2019 (GLOBE NEWSWIRE) -- The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its second acquisition of 2019 with the closing of Madeira Grove Apartments in St. Petersburg, FL. The 189-unit, Class C property has been renamed Ashford Bayside and will be managed by RADCO Residential, the Company’s proprietary management platform.
Ashford Bayside is located on 56th Avenue N in Pinellas County, making it RADCO’s seventh acquisition in the Tampa area. Tampa’s overall economy is booming, with both job and population growth rates exceeding the national average. The community is conveniently located about 17 minutes from downtown St. Petersburg, within eight miles of St. Pete Beach and only 30 minutes away from Clearwater Beach.
“RADCO has already seen great success in the Tampa market,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “Ashford Bayside is a hidden gem with great potential for an improved living experience. I am confident that our extensive capital improvements plan will impress our current and future residents alike.”
Built in the early 1970’s, Ashford Bayside is situated on seven acres and consists of 189 units within five three-story buildings and a one-story clubhouse. These garden-style apartments offer a range of studio, one- and two- bedroom floorplans. The community amenities include a playground, elevators in each building, fitness center, laundry facilities, swimming pool and Amazon package lockers.
RADCO plans to spend nearly $2.8 million, or approximately $14,800 a unit, on capital improvements to further modernize Ashford Bayside. The company is planning to repair buildings, renovate units, upgrade landscaping and enhance the common areas to transform the look of the property. Amenity improvements will include a clubhouse renovation, new pool furniture, laundry and fitness center upgrades and enhancing the dog park to take our resident’s living experience to the next level.
RADCO financed the acquisition with private capital and debt furnished by BBVA Compass. Since 2011, the Company has raised over $690 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
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The RADCO Companies
RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include approximately 17,000 units in Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, Indiana and Texas. For more information, please visit www.radco.us.
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