Atlanta-Based Developer Now Owns Seven Communities in Florida
(ATLANTA – October 2nd, 2017) – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its eighth acquisition of 2017 with the closing of Reflections Apartments in Casselberry, Florida. This is RADCO’s 74th acquisition since 2011, 7th acquisition in Florida, and 2nd community in the Seminole County submarket.
The 336-unit, Class B property has been renamed Radius Winter Park and will be proudly managed by RADCO Residential, the Company’s proprietary management platform.
Radius Winter Park is located in the Seminole County submarket of northeast Orlando. Seminole County is one of the fastest growing suburbs of Orlando. Since 2000, the population in Seminole County has steadily increased, prompting many new job opportunities. The community offers residents convenient access to I-4, U.S. Highway 17, East Semoran Boulevard and a direct route to Orlando Sanford International Airport. Residents will be conveniently located near numerous area amenities, including the Altamonte Mall and other retail spaces. “RADCO has an established presence in Orlando, and we are very excited about the potential growth in such a bustling area,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “Radius Winter Park is practically an untouched gem. Our expansive capital improvements plan will both reset its economic clock and provide an exceptional living experience at a significant value to the market.”
Built in 1984, Radius Winter Park is situated on 18.5 acres and consists of 336 units within 16 two- and three-story buildings. Averaging 792 square feet, the spacious garden-style apartments offer a range of one- and two-bedroom floorplans. The community amenities include a swimming pool, clubhouse, playground, fitness center with complimentary classes, and a beautiful lake view.
RADCO plans to spend nearly $5 million, or approximately $14,000 a unit, on capital improvements to modernize the community and reset its economic clock. Significant building renovations, unit interior upgrades, and enhancements to common area amenities will transform the look of the property and the quality of experience. Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. Amenity improvements will feature a complete clubhouse remodel, expansion of the fitness center (including outdoor CrossFit-style equipment), adding a fire pit/grilling area, and installing a package concierge system. RADCO also plans to replace all the roofs and add thoughtful landscaping and hardscape additions, exterior lighting upgrades, updated signage, and a community-wide new and modern paint scheme — all of which will drastically improve the property and our residents’ living experience. RADCO financed the acquisition with private capital and debt furnished by BBVA Compass. Since August 2011, the Company has raised over $600 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
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 18,000 units in Colorado, Florida, Georgia, Illinois, Indiana, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas.