Real estate briefs for Sept. 8

Real estate briefs for Sept. 8
Published: September 8, 2012
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REAL NOTES

Winrun buys apartment complex

Winrun LLC has bought the 192-unit Winchester Run Apartments, 201 SE 89, for $7.975 million, or $41,536 per unit, from Anvil Enterprises LLC. Mike Buhl, of Commercial Realty Resources Co., handled the transaction. Anvil Enterprises LLC bought the property in 2009 for $7.1 million. Winchester Run, built in 1985, has 115,968 square feet in 12 two-story apartment buildings and 1 single-story office-laundry building. The property had new roofs installed and new exterior paint in 2010 to repair storm damage and was 90 percent full. The property had been operated with conventional and corporate tenants, mostly students at the nearby Federal Aviation Administration Mike Monroney Aeronautical Center renting furnished units short term. The buyer is considering keeping some corporate units because of the property's proximity to Will Rogers World Airport and the FAA center.

Kansas City firm buys Ridgeview

Kansas City, Mo.-based SBV Communities bought 119-unit, 148,008-square-foot Ridgeview Apartments, 6708 W Wilshire Blvd., from Ridge View Apartment Homes LLC for $2,000,500, in a transaction handled by William Forrest, David Forrest and Eva Wills, of CB Richard Ellis-Oklahoma. It was the fifth multifamily property purchase in 2012 for SBV Communities, which now owns apartments in 13 markets. “Oklahoma City is an exciting market with a lot of positive changes happening. The continued redevelopment of its downtown, its commitment to its public schools and the job growth we've seen — specifically in the energy and aerospace sectors — is really encouraging and we're obviously interested in getting involved,” said Chris Thomson, director of multifamily acquisitions.

Pape picked for settlement board

Donald A. Pape, an attorney with Oklahoma City law firm Phillips Murrah PC, has been named to the national nonprofit Office of Mortgage Settlement Oversight's board of directors by Joseph A. Smith Jr., court-appointed monitor of the national mortgage servicing settlement. Oklahoma is the only state not participating in the national settlement with five big lenders; state Attorney General Scott Pruitt negotiated a separate settlement. Other board members are John S. Allison, former Mississippi banking commissioner; Bonnie Hancock, executive director of the Enterprise Risk Management Initiative at North Carolina State University Poole College of Management; James E. Holshouser, attorney and former governor of North Carolina; and D. Keith Pigues, dean of the School of Business at North Carolina Central University. The board will oversee business operations of the Office of Mortgage Settlement Oversight and will have no role in overseeing the national mortgage settlement. Smith is the sole monitor of the settlement.

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