The RADCO Companies 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 multifamily portfolio has been reorganized into three properties renamed Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills.
RADCO plans to spend more than $27 million, or about $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-story buildings. Averaging 944 square feet, the spacious garden-style apartments offer a range of one-, two- and three-bedroom floorplans. The community amenities include swimming pools, clubhouses, playgrounds, laundry centers, and sport courts.
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.
The portfolio is located in the northwest suburbs of Indianapolis near Meridian Hills and Williams Creek. The communities offer residents 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 private capital platform, as well as debt furnished by BBVA Compass. Since August 2011, the company has raised about $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 acquired 78 properties since 2011.