Nation’s Leading Turnaround Specialist Purchases Covington Court in St. Charles, Illinois
ST. CHARLES, Ill., June 13, 2013 /PRNewswire/ – The RADCO Companies of Atlanta, Ga. has announced that it has closed its 19th real estate purchase in the past 12 months with the acquisition of Covington Court in St. Charles, Ill. The 208-unit multifamily property, currently 94.7 percent occupied, was purchased by RADCO in a $19.25M transaction, and will be rebranded as Ashford St. Charles. The announcement was made by Norman Radow, President and CEO of The RADCO Companies, a national real estate company whose strategy is to acquire underperforming, well-located multifamily assets with value-added potential. The Covington Court acquisition brings the total number of apartment units acquired by RADCO in the past 12 months to over 3,300.
“RADCO will continue to look to identify and acquire opportunistic multifamily properties like Covington Court,” said Mr. Radow. “There is liquidity in the multifamily sector, and its underlying fundamentals make it a perfect fit for us in today’s market. In addition, our reputation in this area of specialty allows us to raise our equity privately, without the need for institutional equity. We have raised over $64 million of private equity to fund our acquisitions.”
Its acquisition of the property further signifies RADCO’s strong commitment to the suburban Chicago market, where the company also recently purchased Brittany Court, and rebranded it as Ashford at Geneva. This 226-unit apartment complex is located near downtown Geneva, Ill., an affluent suburb of Chicago. An already impressive location, RADCO has begun to significantly modernize the Geneva property by upgrading its amenities and unit interiors.
Even before its acquisition in Geneva, RADCO was no stranger to Chicago, having previously completed two partially unfinished luxury residential towers, Prairie House at Central Station and Residences at Riverbend. The firm maintained a Chicago office for five years as it advantageously repositioned and completed the projects, thus making it intimately familiar with the local market.
The RADCO Companies is a national real estate development company with extensive experience managing and repositioning well over $4 billion of distressed real estate. The firm, which was founded in 1994, is based in Atlanta. Its trademarked slogan is “Building Better Living”.