TAMPA, FL—RADCO Companies just closed on its first 2015 multifamily acquisition—and it's entrance into the Florida multifamily market. RADCO grabbed the 228-unit Bay Park Apartments in Clearwater, FL for $29.6 million.

“We are thrilled to acquire our first property of 2015 in a new market, which allows us to further our value-added strategy of repositioning underperforming assets,” says Norman Radow, RADCO's founder and CEO. “This property already has a great deal of sizzle, and we are eager to make the improvements that will take it to an entirely new level of luxury.”

The luxury multifamily community is located near the intersection of Gulf to Bay Boulevard and US 19 in metro Tampa. Atlanta-based REIT Post Property originally developed the multifamily complex in 1990. The seller tried to convert the property into condominiums just before the recession and invested heavily to upgrade many of the units.