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RADCO Keeps Pressing Into Class B Florida Multifamily

ORLANDO—The opportunistic investor picked a B minus property in a booming submarket.

By Jennifer LeClaire | jenniferleclaire | | Updated on July 01, 2016

ORLANDO—The RADCO Companies just snapped up its sixth acquisition of the year. The opportunistic multifamily investor snapped up The Newport Villas Apartments in Tampa, FL for $20.1 million. RADCO renamed the multifamily property Mabry Manor. The acquisition adds 372 B minus class units to RADCO’s multifamily portfolio, which RADCO Residential will manage. Mabry Manor is RADCO’s 58th multifamily acquisition since 2011, and its fifth community in Florida. RADCO owns one property in the Orlando market and three properties in the Tampa-Clearwater market. “With its superior location right in the heart of the booming Northwest Tampa submarket, Mabry Manor is a modern day oasis,” Norman Radow , founder and CEO of RADCO, tells GlobeSt.com. “The beautiful grounds offer unparalleled waterfront access with a private lake, which is an exclusive amenity in this highly desirable submarket. All the property needs is vision, passion and thoughtful use of capital to realize its full potential.” RADCO plans to spend at least $5.2 million on capital improvements to modernize and upgrade the multifamily community. The company financed the acquisition and improvements using private capital and financing from Prudential Financial . Since August 2011, the company has raised over $429 million in private capital to fund its acquisitions. Mabry Manor is in the booming Northwest, Tampa submarket. The numerous corporate relocations, expansion of Port Tampa Bay and planned redevelopment of the downtown waterfront all indicate further growth for the Tampa economy. Constructed in 1984, the multifamily community consists of 22 two- and three-story buildings on an attractive 20-acre campus. The multifamily property has 372 garden-style units.

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