TAMPA — In the second major bay area apartment sale in two weeks, an Atlanta company has bought the St. Croix Apartments in north Tampa for $58.5 million.
The Radco Cos., which closed on the deal Thursday, said it plans to rename the 540-unit complex Radius Tampa Palms and spend $7 million on renovations.
Built between 1988 and 1990, the complex is on 27 acres just off Bruce B. Downs Boulevard and consists of 25 two- and three-story buildings with garden-style apartments. In a release, Radco noted that the location is improving thanks to the widening of Bruce B. Downs to eight lanes. The complex has its own traffic light on that busy thoroughfare.
"Radius Tampa Palms is already a wonderful property, but it also has tremendous potential,'' said Norman Radow, Radco's founder and CEO. "We are thrilled to further expand our footprint in the Tampa area with this gem of a community.''
Renovations to the apartments will include updated cabinetry and appliance packages, new flooring and hard-surface countertops. Among other improvements will be a remodeled clubhouse and fitness center, new firepit and grilling areas, and resurfacing of the tennis and volleyball courts.
With steadily rising rents, apartments continue to be highly attractive investments, especially in fast-growing areas like Tampa Bay. Also this month, a Nashville-based company bought the 374-unit Crescent Westshore apartments for $80 million.
Contact Susan Taylor Martin at email@example.com or (727) 893-8642. Follow @susanskate.