The RADCO Cos. Sells Tampa Asset for $47M

The new owner assumed the outstanding balance of a $28.6 million CMBS loan originated in 2018.
Ashford on the Lake

TruAmerica Multifamily has acquired Ashford on the Lake, a 292-unit community in Palm Harbor, Fla., for $47 million. According to Yardi Matrix, the RADCO Cos. previously purchased the asset in 2015 for $33.5 million from Electra America. The new owner assumed the outstanding balance of a $28.6 million loan, set to mature in 2025. Berkadia originated the CMBS financing in 2018.

Located at 3975 Country Place, the community is within one mile from several retail and dining choices, as well as some 20 miles from downtown Tampa. The property was completed in 1985 on a 55-acre site and comprises one-, two- and three-bedroom apartments in 36 two-story buildings. Common-area amenities include a playground, sundeck, picnic areas with grills, volleyball court and swimming pool.

At the beginning of November, The RADCO Cos. sold Radius Cheshire Bridge, a 318-unit property in Atlanta, to Greystar.