CHICAGO, IL- The Shodeen Group recently announced that they had sold the 226-unit Brittany Court property in suburban Geneva to the Atlanta-based RADCO Companies. Yesterday, RADCO stated that the transaction was evidence of their continuing interest in the suburban Chicago market, and that the firm was “is in contract to acquire an additional Chicago suburban apartment community.”
The firm has raised $38 million in private equity to fuel more acquisitions. “We continue to raise equity,” said Norman Radow, president and CEO of RADCO, in a prepared statement, “and expect about $20 million more in the coming few months.”
The company will change the name of Brittany Court to Ashford at Geneva.
“RADCO continually looks to identify and acquire opportunistic multifamily properties,” Radow also stated. “Oftentimes, these include distressed, underperforming properties requiring significant capital expenditures and a substantial repositioning effort. However, Ashford at Geneva represents an immediate value opportunity, strong existing cash flow and additional upside potential.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
