Oklahoma Real Estate notes for Dec. 1, 2012
Tulsa-based Hall Estill law firm expands its space in Oklahoma City.
Villas at Bailey Ranch, 8751 N 97th East Ave. in Owasso, was built in three phases beginning in 1998 with the third phase completed in 2004. The property was 95 percent occupied. The price was $77,941 per unit at a 6.4 percent capitalization rate.
“The sub-7 percent cap rate represented a strong price for the seller while the lower-than-average sale price per unit was enticing to the buyer. Both parties came out ahead in this transaction and the population growth in Owasso should lead to strong rental growth in the years ahead,” David Burnett said.
Capitol landscape work honored
CLS & Associates' landscape design at the State Capitol Complex received two design awards at the annual meeting of the Oklahoma Chapter of the American Society of Landscape Architects. Connie Scothorn, principal landscape architect at CLS & Associates, accepted the award.
The redesign of the landscaping surrounding the Capitol received a Merit Award for design. The design used native and drought-tolerant plants to create a landscape more representative of that naturally occurring in Oklahoma. The plan provided for reduced maintenance, watering needs and eliminated the use of expensive seasonal color changes. The project received recognition for its use of sustainable materials in a formal design to complement the historical building.
An Honor Award also went to CLS & Associates for design work at the Capitol complex as a whole.