RADCO Acquires Apartment Community in Metro Tampa for $33.5M

PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.