RADCO Acquires, Rebrands Trails of Westlakes
- Jan 19, 2015
The RADCO Cos., an Atlanta-based apartment investment and redevelopment company, announced the acquisition of a three-property multifamily portfolio that encompasses 916 units in Houston and San Antonio. The Trails of Westlakes residential complex in San Antonio consists of 336 units, and like the two Houston properties was foreclosed upon in 2011 by Fannie Mae.
Having financed the acquisitions with a combination of bridge loans and private equity, the transaction trio marks the entrance of RADCO into the state of Texas. In the past three-and-a-half years, the firm has raised about $125 million in private equity to fund its purchases; PCCP LLC and Oklahoma Fidelity Bank provided the debt.
The properties involved in the transaction were built between 1975 and 1984; because of their age, RADCO intends to invest more than $12 million in renovations and rebranding. Thus, Trails of Westlakes becomes City Trails Apartments.
The apartment community is located in western San Antonio at 1431 Cable Ranch Road, close to Loop 410, Loop 1604 and Highway 151. In close proximity are the South Texas Medical Center and the downtown area, as well as the industrial complex Port San Antonio, where about 12,000 employees work. Residents can choose from 208 one-bedroom units and 128 two-bedroom units, displayed under seven different floor plans. Amenities include two swimming pools with sundecks, a picnic area with grills, laundry facilities and gated access.
Photo courtesy of Google Maps.