LOS ANGELES--()--The RADCO Companies has officially completed the sell-out of Teramachi Homes, an ultra-luxurious, 127-unit community for residents 55 years and older located in the heart of Little Tokyo, just minutes from some of Downtown L.A.’s most celebrated restaurants, museums and cultural attractions.
“The marketplace responded dramatically to the turnaround strategy, and the building has now been advantageously repositioned and successfully marketed by RADCO’s real estate sales and marketing arm, The R4 Group”
RADCO was first tapped in February 2011 to reposition the $57-million condominium development, which had stalled following the economic downturn, and sell the remaining 24 units. Employing aggressive marketing, community outreach and a bold repositioning plan, RADCO successfully attracted a range of local and East Coast buyers to the property.
“The marketplace responded dramatically to the turnaround strategy, and the building has now been advantageously repositioned and successfully marketed by RADCO’s real estate sales and marketing arm, The R4 Group,” said RADCO CEO Norman Radow. “The successful turnaround of Teramachi Homes is a prime example of our entrepreneurial approach to directing challenging turnarounds.”
According to Victor Valentine, Director of Sales at The RADCO Companies, while occupancy of Teramachi was restricted to those 55 and older, home buying was open to everyone. As a result, a majority of the buyers were multigenerational. Valentine added that homes typically sold for anywhere from $300,000 to the mid-$500,000s.
Exclusively designed with active adults in mind, Teramachi offers upscale one- and two-bedroom units featuring spacious interiors, oversized balconies, storage closets, floor-to-ceiling windows and upgraded appliances.
Residents also enjoy a fully equipped gym with steam room, indoor/outdoor pools, and private flower and vegetable planters, as well as a multipurpose room with a full catering kitchen that opens onto the courtyard. Other high-end features within this 1.6-acre community include the central Zen garden with a koi pond and walking bridge, as well as five cascading water features. The community also offers a 24-hour security guard in the lobby as well as a guard who patrols the grounds, secured two-story garage parking, an on-site hair salon and bookstore.
The RADCO Companies is a national real estate development company with extensive experience managing and repositioning well over $4 billion of distressed real estate. The firm, which was founded in 1994, is based in Atlanta and maintains offices in New York, Los Angeles and Tampa. The firm strives to obtain entrepreneurial results by aligning RADCO’s objectives with its clients’ interests. RADCO provides extensive reporting that is vital to financial institutions.