Did you know the old Veterans Affairs Hospital in downtown Little Rock has a new owner?
Princeton Place Apartments LLC, an affiliate of Pace Burt Inc. of Albany, Georgia, purchased the 11-story building at 300 E. Roosevelt Road for $2.7 million.
The limited liability company bought its 6.8-acre piece of the old VA complex from Institute In Basic Life Principles Inc. of Hinsdale, Illinois.
We’re told Pace Burt intends to develop the former 500-bed hospital into loft apartments.
If you’re wondering, the project will not be called Princeton Place.
We’re told that name refers to an apartment project back in Albany. That 301-unit complex is part of a tax-deferred property exchange associated with the acquisition of the old VA property.
About three years ago a developer looked at doing a 217-unit apartment project on floors 3-11 of the 500,000-SF-plus building. But that proposal didn’t make it beyond the drawing board.
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