Moses Tucker Real Estate Inc. of Little Rock said Wednesday that one of its affiliates, Magnolia Flats LLC, has purchased the Voss Apartment building at Rock Street and Capitol Avenue in Little Rock.
The real estate management and development firm said it will lead a $1 million renovation project to be complete by late 2014 and rename the historic property "The Magnolia." Ultimately it will rent the apartment's 12 one-bedroom units for between $775 and $900 per month.
Magnolia Flats LLC purchased the building Wednesday from John Billingsley.
"We are excited about the property and the opportunity to be involved in another residential project downtown," Chris Moses, Moses Tucker's president, said in a news release.
Moses called the project a "logical investment" for the company, which is currently building a $13 million, 84-unit upscale apartment complex across Rock Street called MacArthur Commons. He said ideal renters for The Magnolia include young professionals, students and military members.
The Voss Apartments were built in 1936. Moses said the company will mount a full renovation of each of the 12,000-SF building's 12 units, adding new heating and air systems and appliances and expanding bathrooms. The process will take about six to nine months, he said.
Moses Tucker will handle leasing and management. Central Construction Group will work with Cromwell Architects on the design and renovation. Moses Tucker said Arvest Bank is providing financing.