An Atlanta-based real estate company has paid $64 million for a portfolio of four apartment communities on the northwest side of Indianapolis.
Radco Cos. announced on Monday the purchase of the Class C and B-minus properties and its plans to spend more than $27 million, or about $19,150 per unit, renovating the 1,426 apartments in the portfolio.
Radco has reorganized the four apartment communities into three and renamed them Ashford Georgetown (5810 Sebring Drive, near 59th Street and Georgetown Road), Ashford Meridian Hills (2085 Waterford Place, near 71st and Michigan Road) and Creekside at Meridian Hills (2100 Westlane Road, near 79th Street and Township Line Road).
The communities were built between 1968 and 1972, span 147 acres and consist of a total of 96 two- and three-story buildings, Radco said. The units average 944 square feet.
“We are going to radically transform these communities and drastically enhance our residents’ living experience, while still being a value to the market,” Radco founder and CEO Norman Radow said in a written statement.
Improvements will include new roofs, siding and window replacements, HVAC repairs, lighting and landscaping upgrades, and new amenities.
Ashford Georgetown was formerly known as The Crossings at 5810, and Creekside at Meridian Hills was the Viewpointe on Westlane. Radco combined the Flats at Meridian Hills and Villas at Meridian Hills to create Ashford Meridian Hills.
Radco declined to divulge the seller of the four apartment communities, but the most recent owner appears to be Connecticut-based Shamrock Communities LLC.
Since 2011, Radco has raised about $650 million in private capital to fund the acquisition of 78 properties, including the Indianapolis portfolio, the company said.