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.”
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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.
