RADCO Acquires Fifth Apartment Property in Houston
Champions Village Apartment Homes, which will be rebranded as City Gate at Champions, includes 278 units and will be overseen by the company's management platform.
By Dees Stribling, Contributing Editor
The RADCO Cos. has completed its fourth acquisition of 2017 with closing on Champions Village Apartment Homes in Houston for an unspecified price. The deal represents RADCO’s 70th acquisition since 2011, its eighth community in Texas, and its fifth in Houston.
The new owner is renaming the 278-unit, Class B property as City Gate at Champions. It will be managed by RADCO Residential, the company’s proprietary management platform.
Built in 1978, Champions Village is on 10.6 acres and consists of 27 two-story buildings. Averaging 874 square feet, the garden- and townhome-style units offer one- and two-bedroom floorplans. Common amenities include an outdoor pool, a fire pit, a picnic and grilling area and clubhouse.
New Owner Plans Major Renovations
RADCO plans to spend more than $4 million, or about $14,500 per unit, to modernize the community. Improvements will include a new fitness center, a clubhouse remodel, and work on the pool, sundeck, fire pit, and outdoor picnic and grilling areas. RADCO also plans to make landscaping additions, along with exterior lighting upgrades, roofs replacements, concrete repairs, HVAC and water heater replacements, and updated signage.
RADCO financed the acquisition with private capital and debt furnished by BBVA Compass. Since August 2011, the company has raised more than $500 million in private capital to fund its acquisitions.
