Maxus Realty Trust has sold Chapel Ridge, an 88-unit market-rate community in Hot Springs, Ark., to a private investor. The REIT, one of the top apartment owners in Kansas City, Mo., picked up the asset in 2015 for $3.8 million, according to the Garland County assessor.
The buyer financed the $5.1 million acquisition with a $3.8 million Fannie Mae loan, per public records. Dougherty Mortgage secured the financing package on behalf of the buyer, in partnership with Old Capital Lending. The loan matures after 10 years and has a 30-year amortization schedule.
Located at 160 Morphew Road, the garden-style community’s 11 buildings are situated half a mile from U.S. Highway 70, providing access into Arkansas’ capital of Little Rock, 60 miles northeast. The property is positioned near a variety of shopping and dining options in the Airport Road retail corridor.
Chapel Ridge contains a mix of one-, two- and three-bedroom apartments, ranging from 674 to 1,093 square feet. Community amenities include an outdoor swimming pool, laundry facilities, a clubhouse and a playground.
Image via Google Street View