After purchasing a 176-unit community near Atlanta in June, The RADCO Cos. has acquired Madeira Grove Apartments, a 189-unit Class C multifamily asset near St. Petersburg, Fla., for $17.6 million. The buyer financed the deal with a $15.9 million loan from BBVA Compass, Pinellas County records show. The seller, Avesta Communities, bought the property in 2013 for $7.1 million, according to Yardi Matrix. The new owner has rebranded the asset as Ashford Bayside and will manage it through its RADCO Residential platform.
Ashford Bayside is located at 5870 56th Ave. N. in Kenneth City, Fla., 8 miles northwest of downtown St. Petersburg and 7 miles from St. Pete Beach. The community is next to several retail properties and is linked to the wider metro area via a public bus route.
Built in 1973 on 7 acres, the community consists of five three-story buildings and a clubhouse, with a unit mix comprising studio, one- and two-bedroom apartments averaging 806 square feet. The asset was 94.7 percent occupied as of August, per Yardi Matrix data. RADCO plans to invest approximately $2.8 million in capital improvements to the property. In addition to repairing structures and renovating units, the owner will upgrade the amenities, which include a playground, fitness center and swimming pool.