RADCO Pays $39M for M-F Portfolio in OK City
- Jan 13, 2015
The RADCO Companies has acquired a 714-unit, three-property multifamily portfolio in northern Oklahoma City. The Atlanta-based company paid $38.5 million for the Arbor Lake, Deer Creek and Lincoln Greens communities, with plans to invest an additional $7.6 million in upgrades.
Located roughly 12 miles from downtown Oklahoma City near Lake Hefner, the three Class B properties total 714 residential units built between 1984 and 1986. According to a news release, RADCO purchased the portfolio through a combination of bridge debt and private equity.
“More and more people are moving to Oklahoma,” said RADCO CEO Norman Radow in a statement. “It has the lowest unemployment rate in the nation and we want to be part of the city’s success by being leaders in the redevelopment of these quality properties.”
Arbor Lake is a townhome community featuring 125 one-bedroom apartments ranging in size from 696 to 900 square feet, and 27 two-bedroom, 1,100-square-foot units. The property also features two resort-style swimming pools. RADCO plans to rebrand the property Ashford Park.
The Deer Creek property, which will be rebranded Ashford Walnut Creek, comprises 76 one-bedroom and 28 two-bedroom apartments ranging from 504 to 900 square feet.
Lincoln Greens is a 458-unit garden-style community offering 34 townhomes, 330 one-bedroom and 128 two-bedroom apartment. Following upgrades, it will be rebranded Ashford Northwest.
RADCO owns two other multifamily communities in Oklahoma – Ashford Overlook and Ashford Ridge, both located in Tulsa.
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