Pebb Capital Sells 180-Unit Arkansas Property

The firm acquired the asset in 2016 and converted it from a 504-bed student housing property to a 180-unit community.
Glenrock Apartments. Image courtesy of Pebb Capital

Pebb Capital has sold Glenrock Apartments, a 180-unit community in Conway, Ark., to an undisclosed buyer for $17.5 million. 

Pebb acquired the asset in 2016 from Campus Crest Communities for $11 million, as part of a larger $24 million portfolio transaction, according to Yardi Matrix data. The firm repositioned it from a 504-bed student housing property to a 180-unit property. The community comprises two-, three- and four-bedroom apartments with full-size appliances, washer/dryer units and walk-in closets. Common-area amenities include a fitness center, swimming pool, business center and sports courts.

Located at 2730 Dave Ward Drive, on approximately 13 acres, the 10-building property is one mile from the University of Central Arkansas campus and about 33 miles northwest of downtown Little Rock.

Kapp Morrison represented the seller in the deal.

In February, in a joint venture with Triarch Real Estate Group, Pebb sold The Alabama, a 175-bed student housing property located in lower Manhattan. The asset traded for approximately $104 million.