February 12, 2015
The RADCO Companies has acquired the 228-unit Bay Park Apartments at 101 S. Old Coachman Rd. in Clearwater, FL from Laramar Group Property Management for $29.6 million, or about $130,000 per unit.
Located near the intersection of Gulf to Bay Blvd. and US-19 in the South Clearwater submarket of Pinellas County, the luxury apartment community is comprised of 24 studios, 48 one-bedroom, 120 two-bedroom, and 36 three-bedroom units across nine garden-style buildings. Post Property developed the 218,687-square-foot multifamily property in 1990 on 15.6 acres.
The seller invested heavily to upgrade many of the units in an attempt to convert the property into condominiums just before the Great Recession. The community now features a swimming pool, putting green, dog park, lighted tennis courts, a lake, and a leasing center with office space, meeting rooms, an exercise facility and movie theater for tenants.
“We are thrilled to acquire our first property of 2015 in a new market, which allows us to further our value-added strategy of repositioning underperforming assets,” said Norman Radow, founder and CEO of RADCO, which added 20 new multifamily communities consisting of more than 5,500 units in the past year alone. “This property already has a great deal of sizzle, and we are eager to make the improvements that will take it to an entirely new level of luxury.”
RADCO will invest more than $2 million to quickly reposition the asset, including planned renovations to expand the clubhouse, upgrade unit interiors and exteriors, and rebrand the asset as City Park Clearwater. The company’s portfolio now totals 10,404 units, with plans to add another 3,000 across the Southeast and Midwest in 2015.