New Developer Proves Successful with 100 Percent Occupancy
- Dec 19, 2011
San Diego—In 2009, almost none of the condo units had been sold at The Mark, a 244-unit building in San Diego. However, The RADCO Companies took over as developer and in one year sold 79 units. And now, the condos in the building are completely sold.
“The sell-out of The Mark is testament to what a team with the right experience and skills can accomplish in a short time,” Norman Radow, CEO, RADCO, tells MHN. “When RADCO took over in 2009 The Mark was an example of another failed development. Today, it is a true success story in the recovering San Diego market.”
The Mark, which is located nears shopping and restaurants, includes a heated lap pool, Jacuzzi, commercial-size barbeque grills, 24-hour lobby attendants, a fitness center and underground parking and storage.
The penthouse apartment, which was recently sold, includes 3,700 square feet of interior room and 1,700 square feet of terrace and balcony space. Additionally, the penthouse includes four parking spaces and private storage.
When RADCO took over as the developer of The Mark, it restructured the property’s loans to include flexibility. It also began a value preservation program.
“The successful turnaround of The Mark is a prime example of the entrepreneurial approach to directing challenging turnarounds requiring multi-disciplined experience,” Radow, CEO, RADCO, said in a press statement. “This is what we do best.”