The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of Radius Palms, a 540-unit apartment community located at 14501 Caribbean Breeze Drive in Tampa, Florida. The property was sold to Bridge Investment Group. The sales price was not disclosed.
The transaction marks the 72nd successful multifamily property disposition for RADCO during this real estate cycle representing more than $2.4 billion in sales.
A Newmark Group team comprised of Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented RADCO in the transaction.
“Our intention when we acquired Radius Palms was to reset its economic clock through significant capital improvements in the common areas, amenities and unit interiors,” said Norman Radow, CEO of the RADCO Companies. “Today, residents of this large, well-located development enjoy resort style amenities and a renewed sense of pride in their community. RADCO delivered on our commitment and we are extremely proud to close out 2020 with the successful sale of this property.”
Radius Palms offers one- and two-bedroom floor plans with walk-in closets, energy efficient appliances, and open concept living spaces. Residents at Radius Palms enjoy a tropical resort experience with high-end amenities such as resort-style swimming pools with outdoor kitchens, a well-equipped fitness center, and elegantly designed community recreation areas.
The property is just minutes away from the University of South Florida and offers easy access to the region’s world-renowned cuisine, excellent retail, and first-rate recreation centers.