Newspaper article THE JOURNAL RECORD

Broken Arrow Apartments Gain Owner, Name Change

Newspaper article THE JOURNAL RECORD

Broken Arrow Apartments Gain Owner, Name Change

Article excerpt

BROKEN ARROW - An affiliate of Omaha, Nebraska-based Key Communities paid $5.8 million for Broken Arrow's Fox Run Apartments, renaming the complex Hickory Grove Apartments.

The multistate apartment operator also is closing this week on the Pryor Creek Apartments, said Regional Manager Beth Pogue. Further details were not available for that purchase, which would bring the Nebraska operation to seven Oklahoma properties under two related branches.

Key affiliate Haley Communities operates Hickory Grove and three apartment complexes in Oklahoma City: 223 units at The Capitol on 28th; 274 units at Regency Tower; and 244 units at Stoneleigh on May.

Affiliate Haley Associates owns the 113-unit Garden Gate apartments in Oklahoma City and the 593-unit Vista Shadow Mountain complex in Tulsa.

"There's nothing else in the works right now," Pogue said of other state acquisitions. "But we're always looking, so you never know."

Tulsa County Courthouse records indicate that Hickory Grove HC2 LLC, managed by Haley Communities LP Fund No. 2 under general partner Key Communities, paid $36,563 per unit to seller Fox Run LLC for the 160-unit Broken Arrow complex built in 1984.

That proved 9.4 percent above the $33,404 average that Tulsa- area apartments built in the 1980s sold for in the first half of 2014, according to a report by the Norman multifamily brokerage Commercial Realty Resources Co.

"That's a good price for that property," said CRRC Tulsa broker Darla Knight. "They should certainly do well in that Broken Arrow market. Any time you have a good school district behind you, that's half the battle sometimes. They've done a great job with Vista Shadow Mountain."

This sale was handled by brokers Raymond W. Lord and Benjamin Davis with Tulsa's NAI Petrous.

The name change represents the start of Key's Fox Run makeover, Pogue said. …

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