TULSA, Okla., Jan. 9, 2014 /PRNewswire/ -- The RADCO Companies, one of the nation's leading real estate turnaround specialists, is continuing its strategy of acquiring distressed residential communities with its purchase of The Overlook Apartments in Tulsa, OK. The 284-unit apartment community, which will be renamed Ashford Overlook, was acquired by RADCO for $12.8 million. The announcement was made by the company's founder and CEO, Norman J. Radow.
"We targeted Tulsa for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high," noted Mr. Radow. "Moreover, with close to one million people, Tulsa will soon reach a population milestone that will attract more global businesses."
Over the past several years Tulsa has consistently produced strong economic indicators. Tulsa makes up 30.7% of Oklahoma's economy, led by the strong presence of the energy and aerospace industries. The cost of living is 12% below the national average and the cost of doing business in Tulsa is the fifth lowest in the country. These factors, along with Oklahoma being a "right to work" state, contribute to very low unemployment and high per capita income in Tulsa. Unemployment is only 4.4% and per capita income is 15% above the national average.
The Ashford Overlook acquisition increases RADCO's current multifamily portfolio to over 5,100 units. RADCO has financed the purchase through a mixture of bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions.
Ashford Overlook is a garden style apartment community in an excellent location in Jenks, an infill suburb of Tulsa. The property is within walking distance to a one-million-square-foot restaurant and retail district anchored by Lowe's, Target, Sam's Club, Best Buy and Dick's Sporting Goods. It also has the best schools in the state.
Due to its advantageous location and quality original construction, RADCO will be able to quickly reposition Ashford Overlook, which includes implementing a $2.75-million capital improvement plan that will upgrade unit interiors, revitalize the exterior and grounds and update the amenities package. Additionally, experienced on-site management will be employed to improve the resident experience and appropriately represent the property.
RADCO's mission is "Building Better Living". The national real estate development company was founded in 1994, and is based in Atlanta, Georgia.
Read more news from The RADCO Companies.
SOURCE The RADCO Companies