A West Ashley apartment complex is receiving a facelift after being acquired by an Atlanta-based real estate developer earlier this month.
Radco purchased the Woodbridge Apartments on Ashley River Road for $23 million, and renamed the property Radius at West Ashley in an effort to rebrand as renovations begin to “reset the economic clock,” or bring things up to date, according to Radco CEO Norman Radow.
“The bulk of the property is 1970s vintage,” he said. “It looks very pretty but behind the scenes, it’s 44 years old.”
Radow said the renovations will include new windows, roofs and plumbing; renovation of the leasing and recreation center; and updating of the amenities in the apartment units to modernize the property. The renovations are predicted to cost $3 million.
The bulk of the renovations will be complete within six months, Radow said, adding that Radco won’t force anyone to move out, so the company will renovate the individual residences as natural turnover occurs.
Radow said part of the goal of Radco is to create affordable housing, so even after the renovations, he doesn’t expect rents to dramatically escalate. He said he didn’t know what rents would be going forward, but he said they currently average just under $1,000 with an average size of 990 square feet.
Charleston was an appealing place for Radco, Radow said, because “Charleston is an economic boomtown.”
“This property is millennial central, and we love that,” Radow added. “What we need now is just to give the demographic that this property will attract all the things they’re looking for and more.”