The RADCO Cos., based in Atlanta, has sold a three-community, 1,426-unit multifamily portfolio in Northwest Indianapolis to Aion Partners for $108.5 million. The multifamily communities include the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills, and the 478-unit Creekside at Meridian Hills.
This marks the 79th transaction for the national real estate company that specializes in the acquisition and redevelopment of value-add multifamily investments across the Southeast and Central U.S. A Cushman & Wakefield Indiana multifamily team comprised of George Tikijian, Hannah Ott, and Cameron Benz brokered the deal.
“Three years ago, we took a veritable city of over 1,400 apartments in disrepair, and, with elbow grease, our vast experience, and tons of thoughtfully infused capital, we changed thousands of lives and indeed an entire neighborhood for the better,” said CEO Norman Radow.
The assets feature newly renovated one-, two-, and three-bedroom units. Ashford Georgetown includes a clubhouse, a pool with a sundeck, a bark park with agility equipment, covered parking, and a playground. Ashford Meridian Hills features a new fitness center, two pools with sundecks, barbecue and picnic areas, a clubhouse, and a playground. Creekside at Meridian Hills includes a clubhouse, a pool with a sundeck, scenic ponds, a bark park, a soccer field, a barbecue and picnic area, and a playground.
Earlier in March, RADCO announced the sale of two multifamily communities with 700 units in Spartanburg, South Carolina, 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.
The two properties—Parkside at Laurel West and Willows at North End—had been acquired by RADCO five years ago.
“Five years ago, we brought our value-added business strategy and industry-leading management team to Spartanburg, and, after achieving our investment goals ahead of schedule, we announce our successful exit of this beautiful 700-unit portfolio,” said Radow. “We re 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.”