Following a four-property acquisition in Indianapolis in June, The RADCO Cos. has purchased two communities in South Carolina, for $30 million. The 300-unit portfolio encompasses Class B assets in the West Ashley submarket of Charleston that the new owner plans to renovate. According to Yardi Matrix data, the properties last traded in 2015, when Latitude Management Real Estate Investors purchased them for a combined $18.7 million.
Located less than a mile apart, at 1476 Orange Grove Road and 1551 Sam Rittenberg Blvd., The Carlyle and Monument Square will be known from now on as Ashford Riverview and Ashford Palmetto Square. Both properties are minutes from downtown Charleston and provide convenient access to several West Ashley shopping centers.
Built in 1969, Ashford Riverview includes one-, two- and three-bedroom apartments, ranging in size from 675 to 1,150 square feet. The garden-style community features a swimming pool, six laundry facilities, a community room and 231 parking spaces. The other property consists of one- and two-bedroom floorplans, averaging 785 square feet. The 1965-built Ashford Palmetto Square includes a tennis court, two swimming pools and 207 parking spaces.
Capital improvements planned
RADCO intends to invest $5 million, or roughly $17,400 per unit, in the renovation of both properties. Major improvements are set to include:
- building and HVAC repairs
- upgraded landscaping
- lighting and amenity upgrades
- in-unit renovations
Once the restoration process is completed, RADCO’s proprietary management platform will start managing the assets. “We are going to transform these communities with a true value-added strategy to enhance our residents’ living experience. Ashford Riverview and Ashford Palmetto Square are in the highly desirable West Ashley submarket of Charleston, offering a great deal of opportunity and value to its residents,” said Norman Radow, founder & CEO of The RADCO Cos., in prepared remarks.
RADCO financed its fifth and sixth acquisition of the year using its private capital platform, as well as debt furnished by SunTrust Bank.
Images courtesy of Yardi Matrix