JLL Finances Little Rock Multifamily Acquisition
The buyer, a joint venture between MLP Investments and Vesta Realty, paid more than $13 million for the 280-unit Class B community.
Briarwood Apartments. Image via Google Maps
BSR REIT has sold the Briarwood Apartments, a 280-unit Class B community in Little Rock, Ark., to a joint venture between MLP Investments and Vesta Realty for $13.6 million, according to Yardi Matrix. The buyer financed the acquisition with $7.5 million in Fannie Mae financing. JLL originated the mortgage, which matures in 2031.
Located at 801 S. Rodney Parham Road, in Little Rock’s Midtown submarket, the community is roughly 6 miles west of downtown, alongside the Wilbur D. Mills Freeway. The garden-style asset’s 23 buildings are near a number of shopping and dining options, with the 562,000-square-foot Park Plaza Mall 2 miles to the east.
Briarwood, constructed in 1972, contains a mix of one- and two-bedroom units, with floorplans ranging from 736 to 1,036 square feet. Community amenities include a swimming pool, laundry facilities, a basketball court and a community room, with some 420 parking spaces available for residents. In March, the property was 84.3 percent leased, according to Yardi Matrix.
Late last year, BSR REIT acquired a community near Dallas for more than $45 million, bringing the investment firm’s holdings up to roughly 50 assets across five states.
