Radco Cos. Acquires Receiver-Managed Property for $16.5M
The RADCO Companies has announced the acquisition of the Lakewood Lodge multifamily community in northern Indianapolis. The Atlanta-based company purchased the 454-unit property from its lender, the Lehman estate for $16.5 million.
RADCO is now planning to rebrand the 35-acre asset as Ashford at Keystone and perform a series of improvements, which will include the interior and exterior of the buildings, as well as the community’s landscaping, management and amenities.
“Ashford at Keystone is an attractive and exceptionally well-located property,” Norman J. Radow, the company’s founder and CEO, said in a news release. “It has a strong value-added component, and has been lender-owned and receiver-managed for some time, thus representing a strong mark-to-market opportunity.”
Located just minutes away from Broad Ripple Village or Keystone at the Crossing, the city’s most prestigious retail and office district, the community offers spacious one – , two – and three-bedroom apartments. Amenities include an Olympic size swimming pool, a fitness center, clubhouse, tennis court and playground.
The acquisition of Lakewood Lodge marks the company’s third residential purchase in the Midwest within the past 90 days. In March, RADCO acquired the Brittany Court property in Geneva, Ill. which it rebranded Ashford at Geneva and later in June, the firm acquired the Covington Court community in St. Charles, Ill. which it rebranded Ashford St. Charles.
“We believe in the Midwest, and we are very familiar with the market. In Indianapolis in particular, we are seeing strong employment growth, and we are buying the property at an attractive going-in basis. We expect to acquire additional properties in the Midwest over the coming months,” Radow added.
The RADCO Companies is a national real estate development company with extensive experience in managing and repositioning well over $4 billion of distressed real estate. Since it was founded in 1994, the company has reached a portfolio of more than 3,700 multi-family units. Its trademarked slogan is “Building Better Living”.
Photo credits: PRNewswire