RADCO Pays $28.2M for Summit at Thornton Apartment Community in Metro Denver
- Oct 22, 2014
The RADCO Companies recently announced the purchase of Summit at Thornton, a 322-unit apartment community in Thornton, Adams County, Co. According to a news release, the Atlanta-based company purchased the property from Fannie Mae for the sum of $28.2 million. RADCO CEO Norman J. Radow announced that financing for the purchase was possible through a mixture of bridge debt and private equity.
“Because of Thornton’s high barriers to entry, there have been no new apartment communities delivered within a seven-mile radius of the property since 2008,” Radow says. “Since there is a lack of supply in the area, Summit at Thornton’s performance will continue to improve because of its premier location so close-in to downtown Denver.”
The acquisition of Summit marks RADCO’s second property in the Denver metropolitan area, as the company purchased the 512-unit Ashford Belmar in Lakewood earlier in June. Summit at Thornton, located at 101 E. 88th Ave., will be rebranded as Ashford East 88, according to a news release.
Built in 1973, the 322-unit apartment building is located just six miles north of downtown Denver, and is currently 97 percent occupied. The property offers studio, one- and two-bedroom apartments that average 775 square feet. Amenities include a leasing center, fitness center, swimming pool, business center, spacious floorplan options, dog park, private patio and balconies, laundry facility, clubhouse, 24-hour emergency maintenance and renovated interiors with modern appliances. RADCO plans to invest $5.2 million for extensive renovations of the property.
The RADCO Companies has now expanded its portfolio to include 7,455 units in Colorado, Illinois, Oklahoma, Georgia, and South Carolina.
Images courtesy of The RADCO Cos.