RADCO Completes an Oklahoma Apartment Acquisition
- Jan 09, 2014
Tulsa, Okla.—The RADCO Cos. has acquired a 284-unit community in Tulsa, Okla., formerly known as The Overlook Apartments. Rebranding has dubbed the community, which was acquired for $12.8 million, Ashford Overlook.
“We targeted Tulsa for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high,” says Norman Radow, founder and CEO of The RADCO Cos. “Moreover, with close to one million people, Tulsa will soon reach a population milestone that will attract more global businesses.”
The Tulsa market was also targeted for a number of economic reasons. The city makes up 30.7 percent of the state’s economy, led by a strong presence of energy and aerospace industries. Furthermore, 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 country. Unemployment stands at 4.4 percent and per capita income is 15 percent above average national income.
With this recent transaction, The RADCO Cos. now own over 5,100 units. Plans call for a repositioning play that will use $2.8 million to improve unit interiors, revitalize the exterior and grounds, and update the amenity package.
Centerline refinances four properties in Ohio
Cincinnati & Dayton, Ohio—Centerline Capital Group has provided four Fannie Mae loans totaling just over $10 million to refinance four properties located in Cincinnati and Dayton, Ohio. The sponsor is a leader in the Ohio multifamily sector, and has developed a large portfolio over several decades. The loan was brokered through BlueMark Capital in Cincinnati. The loan was closed by Centerline’s Chicago office. The deal team included Joseph Markech and Felicia Bell.
Located in Cincinnati, Kenwood Olde Towne is a 99-unit garden apartment complex well located in a desirable neighborhood and school district. Park Layne, Rockwood and Riverstone are located near downtown Dayton, in close proximity and total 297 units. All three are high-rise buildings.
The four properties were developed between 1964 and 1969. The unit mix consists of 48 one-bedroom, one-bathroom apartments; 27 two-bedroom, one- bathroom units; 80 two-bedroom, one-and-one-half bathroom apartments; and four two-bedroom, two-bathroom units. Site amenities include a swimming pool, clubhouse, tennis court, basketball court, storage units, playground, garages and a laundry facility in the lower level of each building.
Beech Street closes $5.9 for Oklahoma refinance
Tulsa, Okla.—Beech Street Capital has provided a $5.9 million Freddie Mac CME loan to refinance South Slope, a 96-unit apartment community located in Tulsa. The transaction was originated by Doug Taylor, Beech Street’s senior vice president of originations headquartered in its Newport Beach, California office. David Yancey of Crown Capital, a San Francisco-based commercial mortgage banking and real estate company, arranged the loan on behalf of the borrower.
Crown Capital acquired the property back in 1997 and developed a second phase in 1999. The fixed-rate loan has a 7-year term, 6.5 years of defeasance, and 30-years amortization payable on an actual/360 basis.