TULSA– The RADCO Companies purchased The Overlook Apartments, a 284-unit project, for $12.8 million.
The apartments, which will be renamed Ashford Overlook, continues RADCO's strategy of acquiring distressed residential communities in Tulsa. The Ashford Overlook acquisition increases RADCO's multifamily portfolio to over 5,100 units.
RADCO plans to reposition Ashford Overlook with a $2.75-million capital improvement plan to upgrade unit interiors, renovate the exterior and update the amenities package.
“We targeted Tulsa for apartment acquisitions because it has an excellent employment base, positive migration and capital has yet to drive prices too high,” said Norman Radow, RADCO CEO. “Moreover, with close to one million people, Tulsa will soon reach a population milestone that will attract more global businesses.”
A positive outlook on jobs and an equally healthy single family housing markets led to above average trade volume in 2013.
Occupancy in the Tulsa multifamily market has remained steady from last year at 92%, according to a report from CBRE/Oklahoma. Additionally, Tulsa has one of the lowest cost of living in the nation, 12% below the national average, and the cost of doing business in Tulsa is the fifth lowest in the country.
“Construction activity is very heavy, units brought on in 2014 with be five times that of 2013,” said Brian Donahue, Senior Associate at CBRE/Oklahoma.
Apartment rents in Tulsa are among the lowest in the nation, says housing analyst Evert Crawford of Crawford Realty Advisors. Some recent studies by CBRE/Oklahoma indicate that Tulsa's median monthly apartment rent was $641 in the third quarter of last year, lowest in CBRE's survey of the 52 biggest metro areas. Tulsa's Class A apartments are available at approximately $800 per month, Crawford says.
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