PrivCap Adds 249-unit Tulsa Portfolio
March 1, 2018 –PrivCap closed on a 249-unit multifamily portfolio in Tulsa, OK adding to its portfolio in the city. The distressed portfolio is currently less than 60% occupied and has a number of outstanding violations. Total capital raise for the deal was $2mil which includes the necessary funds to make the appropriate capital improvements to the property, to remove the violations, renovate unit interiors, increase occupancy and turnaround the overall property. PrivCap projects occupancy levels to rise to 85-90% by Summer 2019 which should lead to a $2mil increase in property value.
