RADCO Acquires 336-Unit Orlando Community
- Oct 06, 2017
The RADCO Cos. purchased a $36 million, 336-unit multifamily community northeast of Orlando, in Casselberry, Fla. The property, previously known as Reflections Apartments, has been renamed Radius Winter Park and will be managed by RADCO Residential, the company’s proprietary management platform.
The asset is situated on 18.5 acres and comprises 16 two- and three-story buildings, consisting of one- and two-bedroom floorplans. Situated in Seminole County, The Orlando Sanford International Airport is easily accessible and the Altamonte Mall is also nearby.
Community amenities include:
- swimming pool
- fitness center with complimentary classes (including outdoor CrossFit-style equipment)
- fire pit/grilling area
- a concierge system
A New living experience
The firm plans to spend nearly $5 million on capital improvements to modernize the community. Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting and hard-surface counter tops. RADCO also plans to replace all the roofs and add landscaping and hardscape additions, exterior lighting upgrades, updated signage as well as a new paint scheme.
This acquisition marks RADCO’s 74th acquisition since 2011, 7th acquisition in Florida, and 2nd in Casselberry. “RADCO has an established presence in Orlando, and we are very excited about the potential growth in such a bustling area,” said Norman Radow, founder & CEO of RADCO Cos., in prepared remarks. “Our expansive capital improvements plan will both reset its (Radius Winter Park) economic clock and provide an exceptional living experience at a significant value to the market.”
The company financed the acquisition with private capital and debt furnished by BBVA Compass.
Image courtesy of RADCO Cos.