The RADCO Cos., a leading opportunistic real estate developer, announced in July the sale of two of its multifamily communities: Ashford 2788 in Atlanta and Mabry Manor in Tampa, Fla. These mark the 51st and 52nd property sales for RADCO during this real estate cycle.
Quintus, an Atlanta-based developer, acquired Ashford 2788 for approximately $49.5 million. RADCO acquired the 297-unit, Class B multifamily community in 2014 and implemented an extensive capital improvement plan, which included a new clubhouse, a fitness center, and a dog park as well as exterior and interior renovation to the townhome-style units.
The community is located in Atlanta’s Upper Westside neighborhood, a rapidly emerging employment and entertainment hub, and is adjacent to restaurants and outdoor lifestyle amenities.
“We’re pleased with the execution of our business plan for the transformation of Ashford 2788, which has led the resurgence of this vital in-town neighborhood,” said CEO Norman Radow. “We purchased the property in 2014, and our renovations and proactive asset management helped reposition it into an appealing multifamily choice for residents within this popular Atlanta submarket.”
TLR Group, a multifamily investment and property management firm based in Tampa, acquired Mabry Manor for $42.8 million. The 372-unit Class B multifamily community is another example of RADCO’s value-added real estate strategy.
Minutes from downtown Tampa and Tampa Bay, the pet-friendly community offers studio, one-, and two-bedroom apartments with open floor plans, gourmet kitchens, and patios or balconies. Amenities include a pool and sundeck, a fitness center, a clubhouse, fully stocked lakes with a floating deck and fishing pier, a coffee bar, laundry facilities, and a business center.
“This sale is the latest example of the execution of our successful three- to five-year business model,” noted Radow. “We are extremely pleased with the improvements and value we have added to Mabry Manor during our ownership, producing positive results for both the community and our investors.”
