RADCO Grabs Class-B Apartment Community in Tampa
- Jul 12, 2016
Tampa—The RADCO Companies recently closed the sale of The Newport Villas Apartments in Tampa, making it the company’s sixth acquisition this year. Rebranded into Mabry Manor, the community offers 372 B class units which will be managed by the company’s proprietary management platform, RADCO Residential.
RADCO purchased the asset for $20.1 million, or $54,570 per unit (roughly $80 per square foot) from Monument Real Estate Services, with a $16.5 million loan provided by Prudential Insurance Company. The company plans to invest an additional $5.2 million in capital improvements to modernize and upgrade the community.
“With its superior location right in the heart of the booming Northwest Tampa submarket, Mabry Manor is a modern day oasis,” said Norman Radow, founder & CEO of The RADCO Companies. “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.”
Mabry Manor sits on 20 acres at 4902 North MacDill Ave., providing convenient access to the area’s largest employment centers, international airport, every major interstate in the region, as well as retail and entertainment options.
Built in 1984, Mabry Manor consists of 22 two- and three-story buildings offering of 32 studio units, and 212 one- and 128 two-bedroom units averaging 688 square feet and $731 per month according to Yardi Matrix. Two-thirds of the buildings, as well as the leasing center, lie along a large lake in the center of the property. Community amenities include fitness center, business center, clubhouse, swimming pool, spa, three laundry facilities and 1000 parking spaces.
Mabry Manor is RADCO’s 58th acquisition since 2011, and its fifth community in Florida. RADCO currently owns one property in the Orlando market and three additional properties in the Tampa-Clearwater market. Recently, RADCO acquired 324-unit community 2800 at Sweetwater in the Atlanta market. Since August 2011, the company has raised over $429 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
Images courtesy of The RADCO Companies