Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., announced Thursday the sale of the 240-unit Canopy Apartments at 9201 Kanis Road in Little Rock to 9201 Kanis Canopy LLC, a Dallas-based real estate investment company.
According to real estate records, the property sold for $9.4 million.
Patrick Jordan of Berkadia’s Memphis office and Alex Blagojevich of the Chicago office negotiated the transaction on behalf of the seller, Monde Group of Maumelle.
“The Canopy Apartments has been owned by the same owner since its completion in the early 1980s and is located directly across the street from Baptist Health Medical Center,” Jordan said in a news release. “Given the asset’s long-term ownership and exceptional location, the new owners plan to infuse capital into the real estate and take this great asset to the next level.”
The Canopy Apartments is a garden-style apartment community that was developed in two phases in 1974 and 1984. It had been called Out in the Woods Apartments but was renamed and rebranded in 2014, following a renovation that included siding and soffits, replacement of balconies and roofs, drainage work, parking and striping, fencing and an updated laundry facility.