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ROUND ROCK, TEXAS — Griffis Residential has purchased The Orchard Apartments, a 512-unit Class A apartment complex located in Round Rock, for $55.5 million. The complex is located in the city’s La Frontera commercial business, retail and housing center. With the acquisition, Griffis Residential now owns and manages 5,658 multifamily units. The Orchard Apartments is the first Austin area complex the company owns, and will be renamed Griffis La Frontera as part of the transaction. The complex was built in 1997 and Griffis plans to invest more than $4 million in upgrades.