Location is Key for Arkansas Apartment Acquisition
- Oct 20, 2015
Little Rock, Ark.—StoneRiver Co. has acquired Holcombe Heights Apartments, a 125-unit apartment community in Little Rock, Ark. The price of the sale was not disclosed.
Located at 2100 Rebsamen Park Road, the community sits on a mountainside in the thriving Riverdale neighborhood, offering residents panoramic, unparalleled views of the Arkansas River Valley and Downtown Little Rock.
“The appeal without question is its location. The views from almost all units are amazing,” Josh Mandell, StoneRiver Co.’s director of investments, told MHN. “Also, the property is situated in the Riverdale submarket, which is one of the most desirable in Little Rock. The neighborhood is widely known for its eclectic restaurants and biking trails, and an 18-hole golf course.”
Riverdale is also a burgeoning employment center, with a regional headquarters for Verizon, and headquarters for Windstream and Dillard’s Department Stores in the area.
Key amenities at the property include a swimming pool that overlooks the city, a clubhouse, plank flooring and patios.
According to Mandell, the company will make a number of critical repairs and improvements. Construction will involve new roofs and a number of exterior improvements, such as railings, siding, balconies and doors. Additionally, interiors will be upgraded with new flooring, kitchen and bath finishes, countertops, lighting and doors.
“Holcombe is an ideal fit for us as we focus on location and adding value,” Mandell said. “We believe with our strategic rehab and attentive management, we should surpass the returns expectations of our investors.”
StoneRiver partnered with Eastham Capital in the venture and BB&T provided debt financing. Jerry Webster of The Webster Corporation brokered the transaction.