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Jun. 13, 2014

RADCO Pays $6M for 142-unit M-F Asset in Jenks

By Gabriel Circiog, Associate Editor

In a $6 million, off-market deal, RADCO Cos. has acquired Southern Slope, a 142-unit apartment community in Jenks.

Located at 4334 East 66th St., the asset is the second acquired by the Atlanta-based company in the Tulsa metropolitan area. In January, RADCO bought the 284-unit Ashford Overlook at West 61st Street and South 33rd West Avenue in Tulsa. RADCO’s multi-family portfolio now includes more than 6,000 units.

Southern Slope, which will be rebranded Ashford Ridge, was acquired from the lender. Raymond Lord and Benjamin Davis of NAI Commercial Properties arranged the transaction, which was financed through a combination of bridge debt and private equity.

Completed in 1983, the property comprises 10 buildings on a 10-acre site and offers an equal number of one-bedroom and two-bedroom floor plans. RADCO plans to upgrade the units and overhaul the complex’s exterior and amenities.

“I believe in the Tulsa market, which I see as underserved,” said RADCO CEO Norman Radow in a statement. “RADCO appreciates the importance of the Jenks school district, which ranks as the best in the state.” Radow added that the property is the closest apartment complex to St. Francis Medical Center, the state”s largest medical facility.

 

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