Source: MC Companies / #Apartments #Multifamily
TULSA, OK - MC Companies has acquired The Galleria, a value-add apartment community located in upscale South Tulsa, Oklahoma. The Galleria will be rebranded The Place at 101 Sheridan; 256-units totaling approximately 200,398 rentable square feet, plus 3 elevators, a laundry facility, and a clubhouse equipped with a full gym. There are four floor plans consisting of 1Bd/1Bath floor Plan A and Plan B, 2Bd/1Bath, and a 2Bd/2Bath floor plan. An extensive reposition is planned to include nearly two million in capital improvements.
The Galleria aligns with MC Companies strategy to acquire multi-family assets that have unrealized value potential. MC Companies is an experienced owner operator in this submarket and believes in low leverage and conservative underwriting to weather unforeseen market storms.
The property is a Class B asset that is located in the path of progress. Current occupancy verses the market reflects telling opportunity. Capital improvements will improve both rental traffic as well as achievable market rents.
MC Companies currently owns and operates two properties totaling more than (500) units in Tulsa, Oklahoma. MC is targeting only the best locations to capitalize on market knowledge and leverage operational expenses.MC primary philosophy is to increase values and refinance, return investors capital and enjoy long-term cash flow with reduced capital investment.
Tanner Bickelhaupt, Director of Investor Capital for MC states that MC Companies is interested in long-term acquisition and management. "We are not a company that flips properties," said Bickelhaupt. "Our goal is to buy great communities in great areas."