The RADCO Companies (RADCO), one of the nation’s leading opportunistic real estate developers, announced the sale of a two-community, 700-unit portfolio in Spartanburg, SC to GoldOller and National Property REIT Corp, a portfolio company of Prospect Capital Corp., in a deal brokered by CBRE. The sales price was not disclosed.
Acquired by RADCO five years ago, Parkside at Laurel West at 200 Heath Lane in Spartanburg consists of 496 units, while Willows at North End at 425 Willowdale Drive consists of 204 units.
The deal represents the 76th transaction for RADCO during the current real estate cycle, bringing the firm’s total transaction volume to more than $2.65 billion in sales.
“Five years ago, we brought our value-added business strategy and industry leading management team to Spartanburg and today, after achieving our investment goals ahead of schedule, we announce our successful exit of this beautiful 700-unit portfolio,” said Norman Radow, CEO of The RADCO Companies. “We are thrilled to sell these communities to one of RADCO’s repeat buying partners, confident that the new owners will continue our dedication to providing quality rental homes and amenities to residents of both communities. “
Parkside at Laurel West offers one-, two- and three-bedroom floor plans with high ceilings, efficient appliances, large closets and balconies. Residents enjoy an expansive amenity package including a gorgeous pool, built-in grills, custom pergolas, and a stacked stone outdoor fireplace with seating. The community’s playgrounds, fitness facility, clubhouse, business center, and Amazon Hub package lockers are all designed with resident needs in mind.
Willows at North End also offers one-, two- and three-bedroom floor plans with walk-in closets, washer dryer connections, ceiling fans and extra storage. Outdoor lifestyle amenities include a walking trail, swimming pool, sundeck, playground, grilling and picnic areas, car care center, bike racks and a bark park. Residents also enjoy a 24-hour fitness center.