RADCO Buys 540-Unit Apartment Property in Tampa for $58.5M
Community amenities at Radius Tampa Palms include a fitness center, two pools, lighted tennis courts, sand volleyball court, clubhouse, business center and a dog park.
TAMPA, FLA. — The RADCO Cos. has purchased St. Croix, a 540-unit, Class B apartment community in Tampa, for $58.5 million. The Atlanta-based multifamily investor plans to rebrand the asset Radius Tampa Palms and invest $7 million in capital improvements to the property’s amenities and interiors. RADCO is financing the acquisition and renovations using a $45.4 million Freddie Mac loan and $23 million in private capital. RADCO’s property management division, RADCO Residential, will manage Radius Tampa Palms. Built in two phases in 1988 and 1990, the apartment community comprises one- and two-bedroom units averaging 754 square feet. Community amenities include a fitness center, two pools, lighted tennis courts, sand volleyball court, clubhouse, business center and a dog park.