The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Ashford on the Lake, a 292-unit apartment community located at 3975 Country Place Lane in Palm Harbor, FL. The property was sold to TruAmerica for $47 million.
The transaction marks the 71st successful multifamily property disposition for RADCO during this real estate cycle representing nearly $2.3 billion in sales.
“Ashford on the Lake was a perfect deal,” notes Norman Radow, CEO of the RADCO Companies. “During our five years of ownership, we reset the property’s economic clock, created a wonderful sense of community, achieved a solid return for our investors, and sold it to people I both respect and genuinely admire.”
The Newmark team comprised of Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented RADCO in the transaction. TruAmerica was represented by Vice Chairman Mitch Clarfield and Managing irector Ryan Greer of Newmark’s Debt & Structured Finance group in arranging financing for the acquisition.
Ashford on the Lake offers one-, two- and three-bedroom floor plans with open concept living spaces. The property includes a full list of recreation options for residents including a yoga studio, fitness center, sand volleyball and tennis courts, resort style pool, dog park and playground. The community also offers a beautiful lake view and boat launch.
The property is situated near Saint George Lake and a short drive from the Gulf of Mexico, Tampa and St. Petersburg, offering an abundance of cultural, shopping, dining and recreational opportunities nearby.