Published: December 7, 2013
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REAL NOTES

Apartment complex sells

— Colorado-based Sand Hills Apartments LLC has bought Orchard Springs Apartments, 1312 N Midwest Blvd., from Situs Holdings LLC, Houston, which acquired it through a Wells Fargo foreclosure. The price was $4 million, or $19,900 per unit, in a transaction handled by Mike Buhl of Commercial Realty Resources Co. in Norman. The previous owner Orchard Springs Apartments LLC, bought the property for $5.2 million in 2005. Orchard Springs was built in 1967 and has 175,656 square feet of space in 22 two-story buildings. It also has a swimming pool. It was 82 percent occupied at the time of the sale. Rents range from $415 per month for one bedroom to $560 per month for three bedrooms.

Firm expands to Nashville

With its first Nashville, Tenn., real estate acquisition just completed, Oklahoma City-based Hall Capital said it is expanding its real estate, private equity and automotive investments into the Southeast from a regional hub in the 40,000-square-foot office building at 54-60 Music Square East. After two rounds of fundraising, Hall Capital has $250 million of equity available for investment. “Nashville is attracting a lot of national attention, and we want to have a presence in the community so we can participate in the growth and investment opportunities that are so evident here and in other parts of the Southeast,” said Fred Hall, chairman and CEO. Hall Capital is looking to invest in growing companies with between $20 million and $100 million in sales. Spectrum-Emery, the Nashville branch of Spectrum Properties and manager of Hall's new building, is on the lookout for good real estate investments, the firm said. Hall Capital is a third-generation, family-owned business with a 90-year history of investing in Oklahoma City, Dallas and Chicago.

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