Park Avenue Lofts at 320 S. University Ave.
Back in May, we told you about a pending change of ownership at Little Rock’s Park Avenue Lofts.
An affiliate of Equity Resources LLC of Birmingham, Alabama, bought the 258-unit, upscale apartment project at 320 S. University Ave. for $36 million.
That’s nearly $140,000 per unit.
We understand occupancy stood at about 90 percent when the deal closed.
The seller is an affiliate of Lang Partners LLC of Dallas, which developed the project.
Park Avenue is the big boy among a six-pack of Little Rock apartments that have sold.
Perhaps you heard that affiliates of Bell Partners Inc. of Greensboro, North Carolina, sold five projects. Here are some more details:
- Riverwalk Apartments, $25 million for the 262-unit complex at 2400 Riverfront Drive.
- Pleasant Ridge Apartments, $17.2 million for the 200-unit complex at 11700 Pleasant Ridge Road.
- Governor’s Park Apartments, $12 million for the 154-unit complex at 7820 W. Fifth St.
- Pleasant Valley Pointe, $11.2 million for the 112-unit complex at 11810 Pleasant Ridge Road.
Who bought these four properties? Affiliates of Somerset Partners LLC of New York.
The remaining Bell Partners project was purchased for $7.8 million by an affiliate of Summit Multi-Family Group LLC of St. Louis.
That project: Watergate Apartments, a 148-unit complex at 8101 Cantrell Road.
Sign up for Daily E-news
