By Ioana Neamt, Associate Editor
MC Cos. has acquired The Galleria, a 256-unit, value-add apartment community located in South Tulsa. The community will be rebranded The Place at 101 Sheridan, as the Scottsdale, Ariz.-based investment and management company plans to invest almost $2 million in repositioning the property.
Located at 101st and Sheridan, the 200,398-square-foot Class B property offers four floor plans and one- and two-bedroom units. Amenities include three elevators, laundry facilities, a business center, a fitness center, basketball courts, clubhouse, two Jacuzzis, balconies, oversized closets, washer and dryer connections, high-speed internet access, swimming pools, intrusion alarms, limited access gates, storage units, and free valet trash pickup.
In a statement, MC said that the acquisition reflects its strategy to purchase multifamily assets with unrealized potential. Elsewhere in Oklahoma, it owns The Place at Quail Hollow in Broken Arrow; the Place at 81 Yale in Tulsa; and The Place at Stratford Village in Oklahoma City. The company’s portfolio includes properties in Arizona and Texas.
“We are not a company that flips properties,” said Tanner Bickelhaupt, director of investor capital for MC. “Our goal is to buy great communities in great areas.”
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