RADCO Buys, Rebrands M-F Asset in Northwest OK City
- May 12, 2015
RADCO Cos. has acquired a 424-unit apartment community in Northwest Oklahoma City. The Atlanta-based company paid $31.2 million for Warwick West Apartments, its sixth property in the Sooner State.
Warwick West is a multifamily community built in 1978 on a 17-acre site, and comprises 195 one-bedroom, 199 two-bedroom, and 29 three-bedroom layouts, as well as one five-bedroom layout. The community also includes 16 townhomes.
The property, which will be rebranded The Warwick—An Ashford Community, is located on the Northwest Expressway that connects Oklahoma City residents directly to the downtown neighborhood. Additionally, the community is within walking distance of the 511-bed Integris Baptist Medical Center. Amenities include swimming pools, a fitness center, event space, tennis court, and a picnic area.
“Warwick West is probably the best-located Class B apartment complex in Oklahoma City,” Norman Raddow, founder and CEO of RADCO, asserted in a statement. “Because of its ideal location, iconic status, and the fact that it has not been renovated in more than 30 years, we will quickly seize the opportunity to modernize and upgrade The Warwick and restore it to its previous stature.”
The purchase of the property was financed with private capital and a bridge loan from NXT Capital. RADCO plans to invest $6.6 million in upgrades and renovation work to revamp the 37-year-old community. The company owns 1,568 multifamily units in Oklahoma City, and has recently purchased a three-property portfolio in the northern part of the city.
Image courtesy of RADCO Cos.
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