ST. CHARLES, IL—Radco Cos., based in Atlanta, has acquired Covington Court apartments here for $19.2 million.
The 208-unit property is 94.7-percent occupied. The property will be renamed Ashford St. Charles. Norman Radow, president and CEO of Radco, said the recent purchase brings the total number of apartment units acquired in the past year to more than 3,300, including the purchases in the Chicago area of Brittany Court, Prairie House at Central Station and Residences at Riverbend.
“RADCO will continue to look to identify and acquire opportunistic multifamily properties like Covington Court,” Radow said in a statement. “There is liquidity in the multifamily sector, and its underlying fundamentals make it a perfect fit for us in today’s market. In addition, our reputation in this area of specialty allows us to raise our equity privately, without the need for institutional equity. We have raised over $64 million of private equity to fund our acquisitions.”