RADCO Buys 284-Unit M-F Asset in Jenks; MC Cos. Adds 208-Unit Tulsa Property to Portfolio
- Jan 11, 2014
The RADCO Companies has purchased The Overlook Apartments in Jenks for $12.8 million.
Located at 6339 South 33rd West Ave., the 284-unit community will be renamed Ashford Overlook. The garden-style complex is walking distance from a 1-million-square-foot restaurant and retail district anchored by Lowe’s. Target, Best Buy, Dick’s Sporting Goods and Sam’s Club.
A turnaround specialist, RADCO plans to reposition Ashford Overlook by implementing a $2.8 million capital improvement plan that will upgrade units, revitalize the exterior and grounds and update amenities.
RADCO CEO Norman Radow explained in a statement: “We targeted Tulsa for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high. Moreover, with close to 1 million people, Tulsa will soon reach a population milestone that will attract more global businesses.”
Driven by the strong presence of the energy and aerospace industries, Tulsa makes up 30.7 percent of Oklahoma’s economy. The cost of living is 12 percent below the national average and the cost of doing business in Tulsa is the fifth lowest in the U.S. Tulsa’s 4.4 percent unemployment rate is also well below the national average, and its per capital income is 15 percent higher than the national average.
In other multi-family investment news, Scottsdale, Ariz.-based MC Companies has acquired The Place at 81 Yale,a 208-unit rental property in Tulsa. MC Residential, the company’s multi-family affiliate, plans $875,000 in renovations, improvements and repairs for the asset.
Located at 7901 South Yale Ave., The Place at 81 Yale features one- and two-bedroom units ranging in size from 675 to 900 square feet. Community amenities include lodge-style community center, community pond and a swimming pool. Additional planned amenities include a dog park, park space with disc golf, outdoor kitchen with barbeque and a resident business center.