Business briefs: Apartments sell for $3.95 million

Tennessean Freeman Webb Investments Inc. said it has acquired the Arbors at Southern Hills apartments in southeast Davidson County for $3.95 million. Acquisition of the 156-unit complex near Southern Hills Hospital is in line with the Nashville-based real estate investment and management firm's strategy, officials said. The firm buys properties during economic downturns, hoping to reap a significant return over time. TRB Arbors LLC originally put Arbors at Southern Hills up for sale at $9.3 million. Steve Massey of commercial brokerage firm C.B Richard Ellis and William Kirkland of The Kirkland Co. brokered the acquisition