OKLAHOMA CITY, Okla.--The RADCO Cos. (RADCO) has acquired a three-property multifamily portfolio in Oklahoma City for $38.5 million, with plans to invest more than $7.6 million to improve them. The properties -- Arbor Lake, Deer Creek and Lincoln Greens -- contain a combined 714 units and are situated in the north-central Oklahoma City market near Lake Hefner. The class B properties average 94 percent occupancy and were built between 1984 and 1986.

“These properties are RADCO's first acquisitions in Oklahoma City,” Justin VanLandschoot, executive vice president with RADCO, told GlobeSt.com. “We are bullish on the city and are actively pursuing additional opportunities in the market. By giving these assets the attention that they deserve, we expect them to be market leaders and satisfy an underserved demographic.”

Atlanta-based RADCO financed the purchase with a mixture of bridge debt and private equity. Since August 2011, the firm has raised over $200 million of private capital to fund its purchases.