Radco nabs Clearwater apartments

CLEARWATER — An Atlanta-based multifamily redeveloper made its first entry into Florida by buying a failed condominium conversion with plans to upgrade.

The Radco Cos. purchased Bay Park Apartments at 101 S. Old Coachman Road for $29.6 million, or $129,800 per unit, according to a release. The community will be rebranded as City Park Clearwater.

Radco picks up the 228-unit apartment community from Laramar Bay Park Partners, which originally purchased Bay Park for $14 million, or $61,400 per unit, in 2010, according to Pinellas County property records.

Laramar Bay Park had planned to convert the apartments into condos, but bought in at the very end of the housing boom, Radco's release says. Laramar “invested heavily” to upgrade nine three-story buildings across 15.6 acres of prime real estate. Radco will continue those upgrades, with plans to invest another $2.1 million to renovate and expand the clubhouse, upgrade unit interiors, and improve building exteriors.

Radco says it financed the purchase through a mixture of Freddie Mac financing, as well as from a private capital pool of $218 million it has raised since August 2011.

Radco is in rapid expansion mode, picking up 20 multifamily communities with more than 5,500 units in the past year, doubling its previous holdings. The company plans to add another 3,000 units both in the Southeast and the Midwest this year.