Atlanta-Based Developer Now Owns Five Properties in Florida
(TAMPA, FL – June 30, 2016) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2016 with the closing of The Newport Villas Apartments in Tampa, Florida. The property, renamed Mabry Manor, adds 372 B minus class units to its portfolio and will be proudly managed by RADCO Residential, the Company’s proprietary management platform. Mabry Manor is RADCO’s 58th acquisition since 2011, and its fifth community in Florida. RADCO currently owns one property in the Orlando market and three additional properties in the Tampa-Clearwater market.
The purchase price for Mabry Manor was $20.1 million, and the company plans to spend upwards of $5.2 million on capital improvements to modernize and upgrade the already charming community. RADCO financed the acquisition and forthcoming improvements using private capital and financing from Prudential Financial. Since August 2011, the company has raised over $429 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
Mabry Manor is located at the epicenter of the booming Northwest, Tampa submarket, providing convenient access to the area’s largest employment centers, international airport, every major interstate in the region, and popular retail and entertainment options including Raymond James Stadium and George M. Steinbrenner Field. Moreover, the numerous corporate relocations, expansion of Port Tampa Bay and planned redevelopment of the downtown waterfront all indicate further growth for the Tampa economy.
“With its superior location right in the heart of the booming Northwest Tampa submarket, Mabry Manor is a modern day oasis,” said Norman Radow, founder and CEO of The RADCO Companies. “The beautiful grounds offer unparalleled waterfront access with a private lake, which is an exclusive amenity in this highly desirable submarket. All the property needs is vision, passion and thoughtful use of capital to realize its full potential.”
Mabry Manor was constructed in 1984 and consists of 22 two- and three-story buildings on an attractive 20-acre campus. The property’s 372 garden-style units provide dynamic floorplan options, offering of 32 studio units, 212 one-bedroom units, and 128 two-bedroom units. Two-thirds of the buildings, as well as the leasing center, lie along a large, picturesque lake in the center of the property. Behind the leasing center, the pool area and floating sun dock have stunning views overlooking a fountain. This Tampa community also boasts an array of amenities, including a fitness studio and business center.
RADCO plans to invest over $5.2 million in significant capital projects to modernize and upgrade the units, enhance the leasing center and amenity areas, revamp the entrance and property branding, and proactively initiate infrastructure improvements. The scope of the value-added upgrades will transform the current outdoor spaces by repairing and replacing the fascia and siding, gut renovating the leasing and fitness centers, upgrading the pool and deck, providing new pool furnishings, rebuilding the floating dock and wooden boardwalk surrounding the lake, and adding a brand new expansive playground. Interior upgrades will include high efficiency PTAC (Packaged Terminal Air Conditioner) style units, upgraded flooring, higher end plumbing fixtures, modern lighting, hard surface countertops, and new appliances.
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 10,176 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina and Texas.