San Antonio—The RADCO Cos. is finishing off the year strong with its acquisition of Stratford Apartments in San Antonio for $20.6 million, signaling the company’s fourth acquisition in the state and 12th acquisition overall in 2015.
RADCO financed the acquisition with private capital and financing from AloStar Bank of Commerce, and CBRE brokered the transaction. Since August 2011, RADCO has raised $340 million in private capital to fund its purchases.
Now renamed City Summit, the property includes a full suite of amenities, including two swimming pools, barbecue areas, a business center, a fitness facility and a newly upgraded soccer field and playground. Located at 4041 Medical Dr., it’s also within walking distance of one of the largest Medical Center Districts in Texas.
Stratford was originally built in 1982, uniquely featuring some of the largest floor plans in the submarket. One third of the property is comprised of townhome-style units, and the layouts and unit styles provide a neighborhood feel in the heart of San Antonio’s medical corridor. The property’s proximity to the medical center, universities and other major employers such as USAA, H-E-B, Valero Energy and Clear Channel, make City Summit well positioned to take advantage of RADCO’s capital improvement plan, which includes spending $4 million to upgrade the exterior amenities and interior finishes.
“San Antonio is one of the fastest growing metropolitan areas in the country. Buying a value-add property like City Summit with such a prime location makes this investment compelling,” said Normal Radow, founder & CEO of RADCO. “We are proud to add this community to our portfolio.”
In January 2015, RADCO made its first purchase in the San Antonio multifamily market with the 336-unit City Trails, previously branded as Trails of Westlake, according to San Antonio Business Journal.
Including this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central United States, including Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.
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