INDIANAPOLIS—The RADCO Companies, a real estate turnaround specialist that acquires distressed residential communities, has just purchased Lakewood Lodge, a 454-unit apartment community in foreclosure, for $16.5 million. But Norman J. Radow, the company's founder and CEO, tells GlobeSt.com that he expects opportunities like this Indianapolis property, bought from the Lehman estate, to become much rarer as the economy improves and the number of troubled properties declines.

“We've been surprised at high volume of distressed properties in the first half of this year,” he says. “But we're now seeing the end of our pipeline; we're not seeing as many distressed deals.”

The aftermath of the housing crash certainly created many opportunities for the firm. Lakewood Lodge, which the Atlanta-based RADCO will rebrand as Ashford at Keystone, is their 20^th residential purchase in less than two years, and its third purchase in the Midwest within the past 90 days. In March, RADCO acquired Brittany Court in Geneva, Ill., and rebranded it Ashford at Geneva. And in early June, RADCO acquired Covington Court in St. Charles, Ill., and rebranded it Ashford St. Charles.