CHARLESTON, SC – The RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2017 with the closing of Woodbridge Apartment Homes in Charleston, South Carolina. This is RADCO’s 72nd acquisition since 2011, its seventh community in South Carolina, and its second community in the Charleston market.

The 198-unit, Class B property has been renamed Radius at West Ashley. Radius at West Ashley will be proudly managed by RADCO Residential, the Company’s proprietary management platform.

Radius at West Ashley is favorably located in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, College of Charleston, MUSC, and scenic South Carolina beaches. The community’s location and accessibility to major roads allows for an simple commute to the area’s major office facilities and employers, including Boeing. Additionally, Charleston was also recently ranked the 8th best place in the United States for economic development and job growth with an unemployment rate of 5.3 percent in 2015 and an average projected employment growth of 1.9 percent per year through 2018.

“Charleston has one of the fastest growing millennial populations in the country; it is really growing quicker than Denver, Houston and Nashville,” said Norman Radow, founder and Chief Executive Officer of The RADCO Companies. “Radius at West Ashley will provide an exceptional product that is valuable to the market, which is exactly what our residents both want and need.”

Built in two phases in 1972 and 2003, Radius at West Ashley is situated on 16.4 acres and consists of 11 three-tale buildings. Averaging 990 square feet, the spacious garden-style apartments offer a range of one-, two-, and three-bedroom floorplans. The community amenities include a swimming pool, clubhouse, modest fitness center, and expansive greenspace.

RADCO plans to spend over $3 million, or approximately $15,000 a unit, on capital improvements to modernize the community and reset its economic clock. Interior renovations will include updated cabinetry, upgraded appliance packages, new flooring, modern lighting, hard-surface counter tops, and designer paint to transform the look and feel of the property. Amenity improvements will feature a clubhouse remodel, expansion of the fitness center, adding a fire pit/grilling area, upgrades to the community pools, and installing a package concierge system. RADCO also plans to initiate thoughtful landscaping and hardscape additions, along with exterior lighting upgrades, concrete repairs, HVAC and water heater replacements, updated signage, and a community-wide new and modern paint scheme — all of which will drastically improve the property and our residents’ living experience.

RADCO financed the acquisition with private capital and assumed existing Freddie Mac debt. Since August 2011, the Company has raised approximately $550 million in private capital to fund its acquisitions, making it one of the largest private capital companies of its type in the nation.

Powered by WPeMatico

LEXINGTON, KY – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced the opening of University Flats and Lewis Hall Honors College, the most recent phase of the revitalization of the University of Kentucky’s on-campus housing. In 2017, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments.

“With the opening of University Flats, the University of Kentucky has completed the most comprehensive transformation of student housing in public higher education,” said Eric N. Monday, UK’s executive vice president for finance and administration. “Working with EdR, we have constructed 6,850 new beds and nearly 200 active learning spaces to make a housing system that is singularly focused on student success through modern, technology-rich living spaces that foster a sense of community. At UK, we place students at the center of everything we do.”

University Flats is a seven-tale building designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it provides 771 beds in 312 apartments in various styles and sizes from studios to four bedrooms. Each apartment in the community includes furnishings and a full kitchen. Lewis Honors College houses 350 students in a live-learn environment and serves as a learning nexus for UK’s top-tier students.

“We’re proud of our partnership with the University of Kentucky and believe it will only get stronger in the years and decades to come,” said EdR CEO Randy Churchey. “There’s a fantastic deal of pride in seeing our teams come together to complete all phases of this project and to witness the positive difference this new housing has made for the University of Kentucky’s recruiting, retention and student success.”

EdR has financed the entire $450 million, five-phase development through its On-Campus Equity Plot – The ONE Plot – which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps make substantial long-term financial benefits for EdR and UK. While no additional phases are currently under construction, EdR will still maintain and manage the communities, which represent more than 90 percent of UK’s on-campus beds, with UK providing residential life for the balance of the 75-year ground lease.

Powered by WPeMatico

LAKEWOOD, CO – Wood Partners, a national leader in multifamily real estate development, announced that its clubhouse is open and it has begun on-site leasing at Alta Pinehurst, a 350-unit community in Lakewood, Colorado.

Conveniently located on the border of Lakewood and Denver, it is adjacent to the historic 27-hole Pinehurst Country Club. The community is surrounded by the natural beauty and views of the Colorado landscape while providing state-of-art amenities and modern living spaces.

“Alta Pinehurst is ideally located where residents can delight in all of the perks and conveniences of metro Denver, while still having quick access to the mountains,” stated Tim McEntee, Director of Wood Partners’ Rocky Mountain and Midwest Regions. “This location is a perfect fit for outdoor enthusiasts with highly active lifestyles.”

Alta Pinehurst is close to the Wadsworth shopping corridor, with simple access to Southwest Plaza Mall and Belmar. Highway 285 provides convenient east/west driving whether your destination is to delight in the mountains or work in the Denver Tech Center.

In addition to its central location, Alta Pinehurst will feature a state-of-the-art clubhouse with a 24-hour fitness center and yoga/spin studio, internet/cyber café, outdoor dog park, indoor dog wash, on-site bike and ski repair facilities, as well as a year-round pool and spa. Attached garages and electric vehicle charging stations will also be available, among other amenities.

Residents can start moving into the community this September, with complete project construction scheduled to be completed in the spring of 2018.

Wood Partners is a national real estate development company that buys, develops, constructs and property manages high-density and mixed-use communities. The company has been involved in the acquisition and development of more than 67,000 homes with a combined capitalization of more than $11.0 billion nationwide. The company currently owns more than 70 properties with a combined total of over 20,000 units.

Powered by WPeMatico