Moses Tucker Real Estate announced Friday the $10.5 million sale of the new MacArthur Commons apartment complex at 414 East Capitol Ave. in downtown Little Rock.
Previously the site of Arkla Gas headquarters, the 59-unit, three-story building was originally planned to include 84 units and cost $13 million. It was designed to provide upscale, yet affordable housing for residents looking to live downtown. The complex, announced in August 2013, offers amenities including street-lined porches, large balconies, a swimming pool and a fitness facility.
Jimmy Moses, chairman, and Jamie Moses, director of development, both of Moses Tucker Real Estate, were the original developers of the property. The new owner will be MacArthur Commons LLC, led by David R. Thompson.
"This is just another great example of the continued interest and investment in downtown Little Rock," said Chris Moses, president of Moses Tucker Real Estate. "This development has been a great success. We completed the project in September and it is already 97 percent occupied. We anticipate many more successful developments in the upcoming years.”
Moses Tucker also said it expects to complete the 36-unit Legion Village mixed-use development across the street in May.
The $5 million project includes the renovation of the MM Ebert’s Legion Post No. 1 into 7,500 SF of commercial/restaurant space. Legion Village will be a traditional-style complex with wooden siding, brick veneer, sloped roofs and secure, gated parking in the rear.