The Arkansas Repertory Theatre last month sold its Peachtree Apartments, a 16-unit residential complex in downtown Little Rock, for $786,800.
Peachtree Opportunity Fund LLC purchased the building at 315 E. Sixth St. Built in 1954, the two-story, 10,152-SF building contains one-bedroom units. The Rep had owned the property since 1992, using it to house actors for its productions.
Peachtree Opportunity Fund is owned by Mark Brown and Jill Judy, who own other multifamily properties downtown. Rick Freeling, president of RPM Group's commercial division, represented the buyer, and said the two plan to keep the property as a long term investment.
"At the time of the sale, the property was in good condition requiring limited rehabilitation," Freeling said. "Mr. Brown and Ms. Judy will do property upgrades as they are needed."
Bill Rector of Renaissance Properties of Little Rock represented The Rep in the transaction. Rector is also a member of the theater's board of directors.
The theater halted operations in April amid a decline in donations and ticket sales. During a panel discussion on the theater's future last month at the Clinton School of Public Service, the theater's leaders said they would sell the property, a move that would cut The Rep's property debts in half. Replacement lodging for actors hadn't been worked out yet, but Rector said at the time that contracting with owners of extended stay units was under consideration.
(Correction: A previous version of this article stated that the purchase price was $768,800 and that The Rep had owned the property since the 1980s. We have corrected the error.)