Company plans $3 million upgrade program as part of its extensive capital improvement plan.
TULSA, Okla., June 10, 2014 /PRNewswire/ — The RADCO Companies (RADCO), one of the nation's leading real estate opportunistic and value-added specialists, is continuing its strategy of acquiring underperforming multifamily communities with its purchase of Southern Slope in Tulsa. RADCO acquired the 142-unit apartment community for approximately $6 million in an off-market transaction from the lender. Raymond Lord and Benjamin Davis with NAI Commercial Properties brokered the transaction. The announcement was made by the company's founder and CEO, Norman J. Radow.
Photo – http://photos.prnewswire.com/prnh/20140609/116151
Photo – http://photos.prnewswire.com/prnh/20140609/116152
Following the acquisition of Southern Slope, which is the company's second property in Tulsa, RADCO's current portfolio includes more than 6,000 multifamily units. RADCO financed the purchase through a mixture of bridge debt and private equity. To date, RADCO has raised $130 million of private equity to fund its acquisitions.
Built in 1983, Southern Slope is situated on 10.1 acres in the Jenks submarket of Tulsa. The 10-building property contains 142 units that are equally divided between one-bedroom and two-bedroom layouts.
RADCO plans to implement an interior unit upgrade program, while also completing a major overhaul of the exterior and the property's amenities. The company will rebrand the property as Ashford Ridge to coincide with the company's brand identity and its new ownership.
"I believe in the Tulsa market, which I see as underserved. RADCO appreciates the importance of the Jenks school district, which ranks as the best in the state," said Mr. Radow. "Nothing trumps the compelling story behind what we are renaming Ashford Ridge. It is the closest apartment community to the burgeoning St. Francis Medical Center, the largest medical complex in Oklahoma. With its superior location, unparalleled views and the $20,000 per unit of capital improvements we intend to invest, this property will undoubtedly be a market leader."
The property is a short block away from the center of the growing St. Francis Medical Center, which currently employs 7,500 people and includes one of the highest ranked cardiac hospitals in the country.
This marks the company's second acquisition in Tulsa and its fourth nationwide this year. RADCO previously acquired the 284-unit Ashford Overlook at West 61st Street and South 33rd West Avenue in January. The company plans to pursue additional value-added opportunities in the Tulsa and Oklahoma City markets.
The RADCO Companies
RADCO's mission is "Building Better Living." Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include more than 6,000 units in Georgia, Illinois, Indiana and Oklahoma. In 2013, the company acquired five properties totaling 2,510 units. So far in 2014, RADCO has purchased four properties including 883 units.
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