SAN ANTONIO, TX—The attractive business climate in Texas has influenced dramatic job and population growth in San Antonio. Specifically, the combined presence of the nearby USAA headquarters and SouthTexas Medical Center campus has made a profound economic impact on the area.
As a part of that growth mode requiring resident housing, the RADCO Companies recently acquired the Mesa Ridge apartments. The property, renamed City Crest, adds 200 class-B units to RADCO's portfolio and will be managed by RADCO Residential, the company's proprietary management platform.
City Crest is RADCO's 12th acquisition of 2016, its 64th acquisition since 2011 and its third community in the San Antonio market. RADCO financed the acquisition with Prudential Financial and private capital. Since August 2011, the company has raised more than $474 million in private capital to fund its acquisitions, making it one of the largest US private capital companies.
Built in 1984, the property consists of 200 two- and three-story buildings across 7.9 acres. With garden-style units averaging 736 square feet, the property offers a combination of one- and two-bedroom units with well laid-out floorplans. Moreover, the configuration of the buildings creates a neighborhood atmosphere in one of San Antonio's most flourishing submarkets.
City Crest is located in the Medical Center submarket of the Northwestern quadrant of San Antonio. The property lies along USAA Boulevard, which is one half mile west of Interstate 10 and two miles north of Interstate 410. City Crest's proximity to these major highways provides direct access to both downtown San Antonio and the perimeter loop surrounding the city, offering residents convenient commutes to the major employment, retail and lifestyle centers in the metropolitan area.
“We are excited to grow our Texas footprint with the addition of City Crest, which is advantageously located near the South Texas Medical Center campus and is within walking distance of the current USAA headquarters,” Norman Radow, founder and CEO of the RADCO Companies, tells GlobeSt.com.
RADCO plans to invest more than $2.9 million to transform the look and feel of the property through upgraded units, improving upon the exterior appearance and common area amenities, and remedying deferred maintenance. Specifically, the capital plan will concentrate heavily on exteriors renovations and building repairs. The plan will also focus on modernizing unit interiors with updated cabinetry, upgraded appliance packages, flooring, lighting and hard-surface countertops. The scope for the value-added amenity improvements includes upgrading the pool areas with furniture and a new deck, as well as refurbishing the leasing office and clubhouse.
SAN ANTONIO, TX—The attractive business climate in Texas has influenced dramatic job and population growth in San Antonio. Specifically, the combined presence of the nearby USAA headquarters and SouthTexas Medical Center campus has made a profound economic impact on the area.
As a part of that growth mode requiring resident housing, the RADCO Companies recently acquired the Mesa Ridge apartments. The property, renamed City Crest, adds 200 class-B units to RADCO's portfolio and will be managed by RADCO Residential, the company's proprietary management platform.
City Crest is RADCO's 12th acquisition of 2016, its 64th acquisition since 2011 and its third community in the San Antonio market. RADCO financed the acquisition with
Built in 1984, the property consists of 200 two- and three-story buildings across 7.9 acres. With garden-style units averaging 736 square feet, the property offers a combination of one- and two-bedroom units with well laid-out floorplans. Moreover, the configuration of the buildings creates a neighborhood atmosphere in one of San Antonio's most flourishing submarkets.
City Crest is located in the Medical Center submarket of the Northwestern quadrant of San Antonio. The property lies along USAA Boulevard, which is one half mile west of Interstate 10 and two miles north of Interstate 410. City Crest's proximity to these major highways provides direct access to both downtown San Antonio and the perimeter loop surrounding the city, offering residents convenient commutes to the major employment, retail and lifestyle centers in the metropolitan area.
“We are excited to grow our Texas footprint with the addition of City Crest, which is advantageously located near the South Texas Medical Center campus and is within walking distance of the current USAA headquarters,” Norman Radow, founder and CEO of the RADCO Companies, tells GlobeSt.com.
RADCO plans to invest more than $2.9 million to transform the look and feel of the property through upgraded units, improving upon the exterior appearance and common area amenities, and remedying deferred maintenance. Specifically, the capital plan will concentrate heavily on exteriors renovations and building repairs. The plan will also focus on modernizing unit interiors with updated cabinetry, upgraded appliance packages, flooring, lighting and hard-surface countertops. The scope for the value-added amenity improvements includes upgrading the pool areas with furniture and a new deck, as well as refurbishing the leasing office and clubhouse.
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