Radco's Met Tallies Sales Despite Downturn

[IMGCAP(1)]WOODLAND HILLS, CA-One of the largest condominium conversion projects in California is reporting steady sales despite the economic downturn. Norman Radow, president and CEO of Atlanta-based Radco Cos., tells GlobeSt.com that his company is selling eight to 10 units per month at the Met Warner Center, a 1,279-unit project here that Radco acquired in September last year as its first foray into the Los Angeles market.

Radow tells GlobeSt.com that about 750 of the units have been sold at the Met, which Radco repositioned after acquiring it and is now marketing at prices ranging from the high $200,000 level to the low $400,000s. “The market is soft for condominiums in general, but that doesn’t mean that its nonexistent,” Radow observes, explaining that the Met is just the type of project that Radco likes to tackle.

“Radco is principally a workout company that comes in as a second owner on underperforming real estate,” Radow explains. When the Atlanta-based company saw the Met, it saw “a diamond in the rough,” he says. “We were able to reduce pricing, provide for a better experience, reposition the property and then go out and remarket it,” he explains.