TAMPA, FL – ZOM Living, in partnership with affiliates of Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, celebrates the grand opening of AZOLA, a 366-unit multifamily garden apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road.

This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum, and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall, and has attracted new merchants such as Bass Pro Shop and Top Golf. 

“We are excited to celebrate the grand opening of Azola with Clarion Partners and Mattoni Group” said Kyle Clayton, ZOM Florida’s Senior Vice President. “Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.”

Mattoni Group’s President Ricardo Caporal, added, “We couldn’t be more pleased with the first-class project ZOM delivered. Both ZOM and Clarion partners share the same commitment to enhancing communities as Mattoni Group and we are proud of the work we’ve done in Riverview.” 

Azola broke ground Q4 2016, started pre-leasing in late summer 2017, and is comprised of spacious and well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 665 to 1,545 square feet, spread across 25 acres. A large community center contains a leasing office and on-site amenities include a clubroom, cyber café, and fitness center.

Construction financing was provided by Synovus Bank and Hancock Bank.

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion. 

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INDIANAPOLIS, IN – The RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its first four acquisitions of 2018 with the closing of the NW Indy Portfolio in Indianapolis, Indiana. The 1,426-unit, Class C and B-minus portfolio has been reorganized into three properties renamed Ashford Georgetown, Ashford Meridian Hills, and Creekside at Meridian Hills.

RADCO plans to spend over $27 million, or approximately $19,150 a unit, on capital improvements to reset the portfolio’s economic clock. With vintages from 1968 to 1972, the portfolio spans 147.1 acres and consists of 96 two- and three-tale buildings.

Averaging 944 square feet, the spacious garden-style apartments offer a range of one-, two-, and three-bedroom floor plans. The community amenities include swimming pools, clubhouses, playgrounds, laundry centers, and sport courts. 

“Ashford Georgetown, Ashford Meridian Hills, and Creekside at Meridian Hills were undermanaged and physically untouched communities that had never implemented a right value-added or mark-to-market strategy,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “We are going to radically transform these communities and drastically enhance our residents’ living experience, while still being a value to the market.”

Capital improvements will include significant building repairs, new roofs, siding and window replacements, upgraded landscaping, HVAC repairs, major lighting upgrades, new amenities, and unit renovations. These improvements, along with new management by RADCO Residential (the Company’s proprietary management platform), will transform the properties’ look and living experience.

The portfolio is located in the northwest suburbs of Indianapolis near Meridian Hills and Williams Creek. The communities offer residents convenient access to Interstate 65 and Indianapolis’ beltway, which provide commuters numerous options to get to work and area amenities.

RADCO financed the acquisition using its unique private capital platform, as well as debt furnished by BBVA Compass. Since August 2011, the Company has raised approximately $650 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation. With this latest deal, RADCO has bought 78 properties since 2011.

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