A partnership controlled by Dallas developers Roger Gault of Gault Co. and Robert Gunby with RTG Capital LLC has bought Spring Hill Apartments, 4708 SE 44, and plans extensive remodeling. The sale price was $2.25 million, about 13% less than the last time the property sold, in December 2018, county records show.
“The Oklahoma City multifamily market has remained fairly stable throughout the COVID-19 crisis, and we believe by the time we complete our renovations the timing will be perfect for repositioning this property as the market improves in 2021,” Gault said.
The developers said it will take eight to 10 months to remodel the 107-unit complex, built in 1984. They said they plan to rebrand the property, and add a dog park and other amenities.
Gault, a developer for three decades, and Gunby, who has led RTG Capital for a dozen years, have undertaken many multifamily rehabilitation projects as well as ground-up developments the past 10 years, including retail, hotel, office and industrial projects.
Kriegel Commercial Real Estate LLC reports these real estate transactions by Julie Kriegel, principal:
• Oklahoma Blood Institute leased 8,170 square feet of office space at 525 Central Park. Julie Kriegel represented the tenant, and Tom Lange and Jim Austin with CBRE represented the landlord.
• Integris renewed a lease for 6,230 square feet of medical office space at Northwest Medical Center at 3330 NW 56. Kriegel represented the landlord.
• Kevin Peterson Insurance Inc. leased 1,950 square feet of office space at 5909 Northwest Expressway. Kriegel represented the landlord, and Randy Vaillancourt with Avenue Commercial Real Estate represented the tenant.