ORLANDO—Lakes of Palm Harbor has traded. RADCO picked up its 13th acquisition of the year for $33.5 million. With this acquisition, RADCO now owns 14,250 multifamily units in eight states in the Southeast and Central US.
RADCO financed the acquisition of this 292-unit, class B multifamily property using private capital and financing from Fannie Mae. Since August 2011, the company has raised $350 million of private capital to fund its purchases. ARA represented RADCO in the deal.
"The Tampa Bay Metropolitan Area has a diverse and robust economy with substantial opportunities for business and population growth, yet most availability has already been developed creating a barrier to entry," Norman Radow, founder and CEO of RADCO, tells GlobeSt.com. "We have been very active in the Tampa market. Lakes of Palm Harbor is our third acquisition in the market this year alone, and it is a valuable property that allows us to gain access to an excellent school district."
Lakes of Palm Harbor has plenty of luxury features, including a clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The multifamily asset sits on a 60-acre lake called Lake Saint George.
Built in 1984, Lakes of Palm Harbor offers one-, two- and three-bedroom floor plans with floor-to-ceiling windows and washer/dryers. RADCO plans to spend about $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes.
Lakes of Palm Harbor lies along Tampa Road past the intersection of McMullen Booth Road, offering residents access to the largest job center in Pinellas County, the Carillon Office Park, Tampa International Airport and Westshore Business District. The multifamily community is also close Downtown Saint Petersburg and Clearwater Beach.
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