BSR Real Estate Investment Trust of Little Rock said last week that it has started construction on the $15.6 million second phase of its Wimbledon Green property in Little Rock.
Built in 2005, Wimbledon Green consists of 96 garden-style apartment homes. The publicly traded company said the new development will more than double Wimbledon Green's size to 252 apartment units.
This second phase is under construction on land BSR already owns.
"BSR always seeks to maximize asset value and adding a second phase to the Wimbledon Green community is an ideal growth opportunity," CEO John Bailey said. "Wimbledon Green consistently maintains the highest occupancy of our nine properties in the Little Rock metropolitan statistical area. This demand coupled with the ownership of the adjacent land provides an excellent opportunity to continue to build unitholder value."
Phase two will consist of a mix of 156 new one- and two-bedroom units. The new construction will have three floors and some apartment units will feature attached garages with direct access.
With the addition of the second phase, BSR will own and operate 48 multifamily properties, comprising of 10,206 apartment units. Construction is expected to be completed in early summer 2020, with leasing expected to begin in early 2020.