Radow tells GlobeSt.com that about 750 of the units have beensold at the Met, which Radco repositioned after acquiring it and isnow marketing at prices ranging from the high $200,000 level to thelow $400,000s. "The market is soft for condominiums in general, butthat doesn't mean that its nonexistent," Radow observes, explainingthat the Met is just the type of project that Radco likes totackle.

"Radco is principally a workout company that comes in as asecond owner on underperforming real estate," Radow explains. Whenthe Atlanta-based company saw the Met, it saw "a diamond in therough," he says. "We were able to reduce pricing, provide for abetter experience, reposition the property and then go out andremarket it," he explains.

[IMGCAP(2)]Radco targeted young buyers for the Met, whichoccupies a 27-acre site at 5555 Canoga Ave. in Warner Center andoffers what Radow describes as one of the best amenity packagesaround for an active lifestyle: six tennis courts, four pools, tworacquetball courts, a fitness center, acres of grounds and otherfeatures. Besides attracting younger, first-time home buyers, therepositioned Met has also attracted empty-nesters who want anactive lifestyle, with each of the two groups now accounting forabout half of the sales at the Met.