Developer continues successful dispositions with sale of 540-unit multifamily property
The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Radius Palms, a 540-unit apartment community located at14501 Caribbean Breeze Drive in Tampa, FL. The property was sold to Bridge Investment Group. The sales price was not disclosed.
The transaction marks the72nd successful multifamily property disposition for RADCO during this real estate cycle representing more than$2.4billion in sales.
A Newmark Group team comprised of Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented RADCO in the transaction.
“Our intention when we acquired Radius Palms was to reset its economic clock through significant capital improvements in the common areas, amenities and unit interiors,” said Norman Radow, CEO of the RADCO Companies. “Today, residents of this large, well-located development enjoy resort style amenities and a renewed sense of pride in their community. RADCO delivered on our commitment and we are extremely proud to close out 2020 with the successful sale of this property.”
Radius Palms offers one- and two-bedroom floor plans with walk-in closets, energy efficient appliances, and open concept living spaces. Residents at Radius Palms enjoy a tropical resort experience with high-end amenities such as resort-style swimming pools with outdoor kitchens, a well-equipped fitness center, and elegantly designed community recreation areas.
The property is just minutes away from the University of South Florida and offers easy access to the region’s world-renowned cuisine, excellent retail, and first-rate recreation centers.
The RADCO Companies
RADCO was founded in 1994 with the mission of “Building Better Living.” Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets. For more information, please visit https://www.radco.us.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
