Aug
07

RADCO Acquires Two Anderson Apartment Communities

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The RADCO Companies, has purchased two apartment communities totaling 316 units in Anderson, SC. The company acquired the 180-unit Country Club and 136-unit Cobblestone for approximately $11 million from two limited liability companies. These deals are RADCO’s first acquisitions in South Carolina.

RADCO financed the purchase through a mixture of bridge debt and its own privately funded equity. BBVA Compass provided the acquisition financing.

Built in 1974, the multifamily assets are located less than half a mile from each other. Country Club is situated off Anderson’s main thoroughfare, Clemson Boulevard, and located across the street from Anderson Mall. Cobblestone is located on Miracle Mile Drive. Both properties feature one-, two- and three-bedroom floor plans.

RADCO plans to invest nearly $3 million to renovate and improve these properties. The company will modernize Country Club and Cobblestone by replacing aging infrastructure, upgrading their amenity packages, and renovating unit interiors. The firm will rebrand the properties as Ashford Pointe and Ashford Village, respectively, to coincide with the company’s brand identity and its new ownership.

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