TAMPA, FL – The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, completed its third acquisition of 2017 with the closing of Cordova Apartment Homes in Tampa, Florida. This is RADCO’s 69th acquisition since 2011, its seventh community in Florida, and its sixth in Tampa.
The 536-unit, Class B property has been renamed Sunstone Palms. Sunstone Palms will be proudly managed by RADCO Residential, the Company’s proprietary management platform.
RADCO plans to spend upwards of $7.7 million, or approximately $14,500 a unit, on capital improvements to modernize the community and reset its economic clock. RADCO financed the acquisition using a $36.7 million Prudential loan and around $15.4 million in private capital. Since August 2011, the Company has raised more than $500 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.
Sunstone Palms is favorably located in Tampa Bay on the west coast of Florida. The property is just mere minutes away from the University of South Florida and its burgeoning medical center, as well as the metro area’s major employment districts. The medical district of the University of South Florida includes prestigious institutions such as the H. Lee Moffit Cancer Center and Research Institution, Florida Hospital and the James A. Haley Veterans’ Hospital. Tampa boasts a diverse and expanding business environment, thriving economy, and vibrant job market, as well as a multilingual and highly-trained workforce supported by notable educational institutions.
Built in 1975, Sunstone Palms is situated on 19 acres and consists of 67 two- and three-story buildings. Averaging 875 square feet, the garden-style apartments offer a range of one, two-, and three-bedroom floorplans. The community amenities include a state-of-the-art fitness center, two pools, a playground, picnic and grilling areas, on-site laundry facilities, a clubhouse, a business center, and a dog park.
“RADCO has an established presence and excellent track record in the Tampa and Florida area markets,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “Sunstone Palms is a great addition to our portfolio. We intend to make a significant positive impact on the community and surrounding neighborhood. The community has all the right bones, yet it still has a tremendous amount of unlocked potential. We cannot wait to get started on building better living and delivering service-oriented management for our residents.”
RADCO plans to transform the look and feel of the property through significant building renovations, unit interior upgrades, and enhancements to common area amenities. Specifically, RADCO’s capital improvements program will concentrate on interior renovations that include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint. Amenity improvements will feature a complete clubhouse remodel and addition of a new fire pit and grilling area. RADCO also plans to initiate exterior LED lighting upgrades, along with thoughtful landscaping, hardscape additions, roof replacements, asphalt repairs, HVAC and water heater replacements, updated signage, and a community-wide new and modern paint scheme, all of which will drastically improve the property.