Multi-family Apartments Remain Hot Commodity in LR Area, NWA

by George Waldon  on Monday, Nov. 12, 2012 12:00 am  

Construction should start soon on boat slips for John Burkhalter’s marina-residential project in downtown Little Rock.  (Photo by Michael Pirnique)

Hundreds of new apartments have hit the Pulaski County market, and hundreds more are on the way. Favorable market conditions and available financing have kept the line of new projects growing and moving.

• Lindsey Management of Fayetteville will expand its extensive Arkansas portfolio by 432 units when The Greens at the Rock is built out. The company ranks as the largest residential property manager in the state.

(Download this week's list: PDF (free) | Spreadsheet (for purchase))

Lindsey's $25 million development in North Little Rock's Counts Massie corridor is among the biggest under construction.

• Less than a mile south, site work is under way for The Villa at River Pointe Drive in Maumelle, a 216-unit project by Little Rock's Monde Group.

• The first units of The Pointe at Brodie Creek in Little Rock will start leasing in January. First-phase construction of 168 units should be completed in March, and North Little Rock's RichSmith Development expects to begin construction of 168 or 192 units in the summer.

• The first of 258 units at Park Avenue Lofts in midtown Little Rock, a development by Lang Partners of Dallas, are expected to come on line early next year.

"During the next two years, more than 1,300 units will be added each year," said Richard Cheek, partner in Little Rock's Multifamily Group LLC. "It's pretty impressive when you have the upper tier of the apartment market running at 96 percent occupied."

Developers are investing millions of dollars, attracted by a market that absorbed a healthy dose of new units while midyear occupancy tightened to 93.7 percent.

"No surprises," said Jerry Webster, president of Little Rock's Webster Corp., an apartment broker. "Historically, Pulaski County has been a stable market. We don't have wild fluctuations like other markets. We seldom have an oversupply."

Among the newest market-rate apartments to open is Riverside at Rockwater in North Little Rock. Post Investment Group of Los Angeles opened the 264-unit project near the River Trail in June.

"Leasing is good," said Amber Davis, property manager of Riverside at Rockwater. "We're at about 40 percent leased.”

 

 

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