The RADCO Companies has closed on Cordova Apartment Homes, its sixth acquisition in the greater Tampa area. The firm paid $41.7 million, or just under $77,800 per unit for the 19 acre apartment complex. Located on University Club Dr, the property boasts 67 two and three-story buildings and will be rebranded as the Sunstone Palms. RADCO plans on spending as much as $14,500 per unit on upgrades to modernize the community. Amenities include a fitness center, two swimming pools, on-site laundry facilities, a clubhouse and a business center. The Atlanta-based company financed the acquisition with a $36.7 million mortgage provided by Prudential.
“RADCO has an established presence and excellent track record in the Tampa and Florida area markets,” said CEO Norman Radow. “Sunstone Palms is a great addition to our portfolio. We intend to make a significant positive impact on the community and surrounding neighborhood.”
