Palm Harbor, Fla.—The RADCO Cos. is ending the year strong with its 13th acquisition of 2015 now complete. The real estate developer purchased a 292-unit Class B property, Lakes of Palm Harbor, for $33.5 million using private capital and financing from Fannie Mae. The transaction was brokered by ARA, A Newmark Company (ARA Newmark).
“The Tampa Bay metropolitan area has a diverse and robust economy with substantial opportunities for business and population growth, yet most availability has already been developed creating a barrier to entry,” said Norman Radow, founder & CEO of RADCO. “We have been very active in the Tampa market. Lakes of Palm Harbor is our third acquisition in the market this year alone, and it is a valuable property that allows us to gain access to an excellent school district.”
Lakes of Palm Harbor features a wide range of amenities including a newly renovated clubhouse with cafe and coffee bar, resort-style pool, covered lounge, modern fitness center, outdoor grilling and picnic area, and kayak storage. For recreational activities, the property has lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The multifamily asset is also located on the 60-acre Lake St. George. RADCO plans to spend about $2.5 million to upgrade the exteriors, amenities, landscapes and interior finishes.
Built in 1984, Lakes of Palm Harbor offers a mix of one-, two- and three-bedroom floor plans with open layouts, floor-to-ceiling windows, washers and dryers and modern kitchens. The property is located along Tampa Road past the intersection of McMullen Booth Road, providing easy access to the largest job center in Pinellas County, the Carillon Office park; Tampa International Airport; and Westshore Business District. The building is also in close proximity to Downtown St. Petersburg and Clearwater Beach and is in a highly regarded school district.
With this acquisition, RADCO now owns 14,250 multifamily units in eight states in the Southeast and Central U.S, including Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.
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