Dallas Firm Buys Summit House Apartments in Little Rock for $10.7M

DavisRE of Dallas bought Summit House Apartments at 400 N. University Ave. in Little Rock, Berkadia announced on Friday.

The purchase price was $10.7 million, according to real estate records. 

Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corp. The firm represented the seller, the Goodman Group of Chaska, Minnesota.

Patrick Jordan, senior director of Berkadia’s Memphis office, and Alex Blagojevich, managing director of its Chicago office, negotiated the transaction. 

"Summit House was a one-of-a-kind investment opportunity to acquire a market rate high-rise in an irreplaceable Midtown Little Rock location," Jordan said in a news release. "This will be a large repositioning project that will get a lot of buzz in the marketplace."

The 165-unit high-rise was built in 1963 and has 22 studios, 38 one-bedroom apartments, 70 two-bedroom apartments and 35 three-bedroom apartments.

The property also offers 213 grade-level parking and 21 covered parking spaces.