The RADCO Companies has completed its sixth acquisition of 2016 with the closing of The Newport Villas Apartments in Tampa for $20.1 million. The property, which will be renamed Mabry Manor, adds 372 B minus class units to its portfolio and will be managed by RADCO Residential. The property was constructed in 1984 and consists of 22 two- and three-story buildings on an 20 acre site. RADCO plans to invest over $5.2 million in capital projects to modernize and upgrade the units, enhance the leasing center and amenity areas. The purchase marks the fifth asset in Florida for the company with one property in the Orlando market and three additional properties in the Tampa-Clearwater market.
“With its superior location right in the heart of the booming Northwest Tampa submarket, Mabry Manor is a modern day oasis,” said Norman Radow, founder and CEO of The RADCO Companies. “The beautiful grounds offer unparalleled waterfront access with a private lake…All the property needs is vision, passion and thoughtful use of capital to realize its full potential.”
