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.

|

Radco is offering what its CEO describes as "very attractivefinancing" and is paying closing costs for the condo sales, whichRadow says are moving steadily because his targeted buyers are in abetter position to buy than some other types of home buyers.First-time buyers don't have to sell a home first to make a dealwork, he explains, which is crucial in this sluggish housingmarket. "Contingency deals are very difficult in this market," hesays.

|

Radow points out that the Met is strictly a for-sale property."We are not leasing at the Met, are we are not intending to lease,"he says. "We've already sold 65% of the units, so we are well onthe way to completing this project," he says.

|

Built in 1987, the Met comprises 16 three-story buildings, aclubhouse and the other amenities mentioned above. Its units, whichrange from 800 sf to 1,100 sf, are a mix of one-bedroom, one-bath;two-bedroom, two-bath; and three-bedroom, two-bath condos, somewith loft spaces.

|

In addition to completing sales at the Met, Radow tellsGlobeSt.com that his company has plans for running a number ofprojects from its Los Angeles office. The company is taking over aproject in Las Vegas it will run out of its L.A. office, forexample, and a project in Tacoma, WA, that it will oversee fromL.A. Radco is also looking a a property in San Diego that would berun from its L.A. office.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.