BSR Trust LLC of Little Rock and Montgomery, Ala., said Tuesday that it has closed on its purchase of the Albert Pike Hotel in Little Rock, and will renovate the 130-unit apartment building.
The 12-story building, also a venue for weddings and events, was developed in 1929 as a hotel until it was converted to a residential building in the 1970s. The property at 701 Scott St. is listed on the National Register of Historic Places and now serves residents over the age of 55.
BSR bought the hotel from Philip Jones of Jonesboro. Terms of the deal were not disclosed, but BSR has said it will invest more than $6 million in renovations, including improvements to the residential units, common areas and the building's exterior.
Empire Corp. of Tennessee Inc. of Knoxville, Tenn., will handle the renovation work.
"We are pleased to add this historic property to the BSR portfolio and are excited to continue to grow our presence in Little Rock, a core market for our company," Daniel Hughes, BSR's CEO, said in a news release. "The vision is for a comprehensive rehabilitation of the Albert Pike which, together with our management approach, will provide an enhanced quality of life for our residents."
BSR said improvements to residential units will include new kitchens, bathrooms, heating and air conditioning units, plumbing and electrical systems, doors, windows, finishes and flooring. BSR also plans a new senior community center with kitchen and computer room, a community garden area, a refurbished community kitchen and updated event space.
Kea Calame, BSR's senior development officer, said Little Rock Housing and Urban Development Field Office and the Arkansas Development Finance Authority provided assistance on the project.
BSR Trust, a company created from the merger last year of Bailey Properties LLC of Little Rock and Summit Housing Partners LLC of Montgomery, Ala., owns and operates 115 multifamily communities with more than 19,000 apartment units in 10 states.