Radco nabs Clearwater apartments

CLEARWATER — An Atlanta-based multifamily redeveloper made its first entry into Florida by buying a failed condominium conversion with plans to upgrade.

The Radco Cos. purchased Bay Park Apartments at 101 S. Old Coachman Road for $29.6 million, or $129,800 per unit, according to a release. The community will be rebranded as City Park Clearwater.

Radco picks up the 228-unit apartment community from Laramar Bay Park Partners, which originally purchased Bay Park for $14 million, or $61,400 per unit, in 2010, according to Pinellas County property records.