RADCO ACQUIRES INDIANAPOLIS APARTMENT COMPLEX FOR $16.5M

INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.