RADCO Picks Up 7th SC Asset for $23M
- Aug 17, 2017
The RADCO Cos. purchased a 198-unit property in Charleston, S.C., for $23 million. Radius at West Ashley is the company’s sixth acquisition of the year and its second multifamily asset in the Charleston market. RADCO financed the purchase with private capital and assumed existing Freddie Mac debt. The deal marks the company’s 72nd acquisition since 2011. According to Yardi Matrix data, Raia Properties, the former owner of the asset, purchased the community back in 2006 for $14.5 million. RADCO Residential will manage Radius at West Ashley.
Located at 2040 Ashley River Road, the community is in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, the College of Charleston, MUSC and some South Carolina beaches. The community’s accessibility to major roads allows for an easy commute to the area’s major office facilities and employers, including Boeing and Mercedes-Benz.
Capital improvements plan
Previously named Woodbridge Apartment Homes, the property will undergo a major renovation process. The company intends to spend $3 million, or roughly $15,000 per unit, to upgrade the community. Built in two phases, in 1972 and 2003, Radius at West Ashley is situated on 16 acres and consists of 11 three-story buildings. Averaging 990 square feet, the garden-style apartments feature 48 one-, 120 two- and 30 three-bedroom floorplans. Amenities include:
- Swimming pool
- Fitness center
- Expansive greenspace
- Business center
- 401 parking spaces
Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface countertops and designer paint. Amenity improvements will feature a clubhouse remodel, expansion of the fitness center, addition of a fire pit/grilling area, upgrades to the community pool and the installation of a package concierge system. RADCO also plans to initiate exterior lighting upgrades, concrete repairs, HVAC and water heater replacements and updated signage.
“Radius at West Ashley will provide an exceptional product that is valuable to the market. Charleston has one of the fastest-growing Millennial populations in the country. It is actually growing faster than Denver, Houston and Nashville,” said RADCO Founder & CEO Norman Radow, in a prepared statement.
Charleston was recently ranked the eighth best place in the U.S. for economic development and job growth, with an unemployment rate of 5.3 percent in 2015 and an average projected employment growth rate of 1.9 percent per year through 2018.
Images courtesy of Radius at West Ashley website