Developer Plans Big Renovations at Indy Rental Community

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(Image courtesy of The RADCO Companies.) (Image courtesy of The RADCO Companies.)
INDIANAPOLIS -

The new, Georgia-based owner of an Indianapolis apartment community says it plans to invest more than $27 million into renovations. The RADCO Companies, which acquired the nearly 150-acre complex near the Meridian Hills and Williams Creek areas for $64 million, says the work will "reset the portfolio's economic clock" on the property.

The community includes 96 two and three-story buildings that were built in the late-1960s and early 1970s. Amenities include pools, clubhouses, playgrounds and sports courts. Improvements planned by RADCO include new roofs, window replacements and "major lighting upgrades." Chief Executive Officer Norman Radow says "Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills (the names the property will carry after a reorganization) were undermanaged and physically untouched communities that had never implemented a true value-added or mark-to-market strategy. We are going to radically transform these communities and drastically enhance our residents' living experience, while still being a value to the market."

RADCO's nationwide footprint has grown by nearly 80 properties since 2011.

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