RADCO Trades South Carolina Community for $55M

Bridge Investment Group originated a three-year, $48 million acquisition financing package for the new owner.
Cobalt Springs

GVA Real Estate Group has acquired Cobalt Springs, a 548-unit Class B multifamily asset near Greenville, S.C., for $54.5 million from The RADCO Cos., according to Yardi Matrix. The buyer landed a three-year, $48.3 million acquisition financing package from Bridge Investment Group.

The seller bought the asset in September 2015 for $33.6 million. While RADCO’s 15,000-unit portfolio is spread across the South and Midwest, the investor has shown a strong focus this year in Atlanta. This year alone, RADCO has picked up two communities in the area, including a 232-unit luxury property near Atlantic Station.

Cobalt Springs is located at 1712 Pinecroft Drive in Taylors, S.C., 8 miles northeast of downtown Greenville. The suburban community is approximately 1 mile from the Wade-Hampton Boulevard retail corridor and 8 miles west of the Greenville-Spartanburg International Airport.

Opened in two phases—one in 1976, the other in 1990—the community’s 30 buildings have a mix of one-, two- and three-bedroom units with floorplans between 780 and 1264 square feet. Amenities include a playground, a business center, two swimming pools and a volleyball court. In September, the asset was 95.1 percent occupied, notably above the submarket average of 93.5 percent.