RADCO Acquires Two-Property Multifamily Portfolio in Charleston for $30M
CHARLESTON, S.C. — The RADCO Cos. has acquired a two-property multifamily portfolio in Charleston for $30 million. Dubbed the West Ashley Portfolio, the Class B communities total 300 units. The properties have been renamed Ashford Riverview and Ashford Palmetto Square. The Atlanta-based firm plans to invest more than $5 million to update the buildings, which were constructed in the late 1960s. The communities are located less than a mile apart and include a mix of one- to three-bedroom floor plans. Community amenities across the portfolio include swimming pools, a community garden, dog parks, fitness centers, business centers, laundry facilities, barbecue and picnic areas and fire pits. RADCO Residential, the company’s management platform, will manage the communities. RADCO financed the acquisition using its private capital platform, as well as debt funded by SunTrust Bank. The name of the seller was not disclosed.