Moline Investment Management has acquired Arrington Apartments, a 156-unit mature LIHTC community in North Little Rock, Ark.
The property was sold by a local LIHTC developer and private owner. Arrington Apartments last traded in 2001 for $3.6 million, according to Yardi Matrix data.
Charlie Moline, MIM’s founder & CEO, said in prepared remarks that the company plans to upgrade the property and reintroduce it to Little Rock’s 61 percent to 90 percent area median income demographic at value-added rents.
With the first phase of the property completed in 1986 and the second one in 2008, Arrington Apartments encompasses 11 buildings with one-, two- and three-bedroom units ranging between 900 and 1,300 square feet. Common-area amenities consist of a playground, a community room, a swimming pool and laundry facilities.
The property is located at 6301 Camp Robinson Road, near the intersection of interstates 40 and 35. The area offers multiple dining options, retail spaces and entertainment venues such as Burns Park Funland and McCain Mall. Baptist Health Medical Hospital and Arkansas Surgical Hospital are only a 13-minute drive away from the community.
MIM is planning to purchase additional assets and become dominant in the mature LIHTC to middle market space. The company recently acquired a LIHTC portfolio of 17 properties spread across 10 cities, totaling 613 units.