{"id":1004106001,"date":"2014-10-22T07:26:00","date_gmt":"2014-10-22T15:26:00","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=301407"},"modified":"2022-12-08T20:10:38","modified_gmt":"2022-12-09T04:10:38","slug":"radco-pays-28-2m-for-summit-at-thornton-apartment-community-in-metro-denver","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/radco-pays-28-2m-for-summit-at-thornton-apartment-community-in-metro-denver\/","title":{"rendered":"RADCO Pays $28.2M for Summit at Thornton Apartment Community in Metro Denver"},"content":{"rendered":"<p><em>By Ioana Neamt, Associate Editor<\/em><\/p>\n<div id=\"attachment_301408\" class=\"wp-caption alignleft\" style=\"width: 160px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Summit-at-Thornton-Exterior.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-301408\" title=\"Summit-at-Thornton Exterior\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Summit-at-Thornton-Exterior.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Summit at Thornton<\/p>\n<\/div>\n<p>The RADCO Companies recently announced the purchase of Summit at Thornton, a 322-unit apartment community in Thornton, Adams County, Co. According to a news release, the Atlanta-based company purchased the property from Fannie Mae for the sum of $28.2 million. RADCO CEO Norman J. Radow announced that financing for the purchase was possible through a mixture of bridge debt and private equity.<\/p>\n<p>\u201cBecause of Thornton\u2019s high barriers to entry, there have been no new apartment communities delivered within a seven-mile radius of the property since 2008,\u201d Radow says. \u201cSince there is a lack of supply in the area, Summit at Thornton\u2019s performance will continue to improve because of its premier location so close-in to downtown Denver.\u201d<\/p>\n<p>The acquisition of Summit marks RADCO\u2019s second property in the Denver metropolitan area, as the company purchased the 512-unit Ashford Belmar in Lakewood earlier in June. Summit at Thornton, located at 101 E. 88<sup>th<\/sup> Ave., will be rebranded as Ashford East 88, according to a news release.<\/p>\n<div id=\"attachment_301409\" class=\"wp-caption alignright\" style=\"width: 154px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Summit-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-301409   \" title=\"Summit 2\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Summit-2.jpg\" alt=\"\" width=\"144\" height=\"104\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Summit at Thornton<\/p>\n<\/div>\n<p>Built in 1973, the 322-unit apartment building is located just six miles north of downtown Denver, and is currently 97 percent occupied. The property offers studio, one- and two-bedroom apartments that average 775 square feet. Amenities include a leasing center, fitness center, swimming pool, business center, spacious floorplan options, dog park, private patio and balconies, laundry facility, clubhouse, 24-hour emergency maintenance and renovated interiors with modern appliances. RADCO plans to invest $5.2 million for extensive renovations of the property.<\/p>\n<p>The RADCO Companies has now expanded its portfolio to include 7,455 units in Colorado, Illinois, Oklahoma, Georgia, and South Carolina.<\/p>\n<p><em>Images courtesy of The RADCO Cos.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The RADCO Companies recently announced the purchase of Summit at Thornton, a 322-unit apartment community in Thornton, Adams County, Co.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21742],"tags":[],"class_list":["post-1004106001","post","type-post","status-publish","format-standard","hentry","category-denver","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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