Little Rock, Ark.—StoneRiver, the Birmingham-based CRE investor, developer and operator, announced the acquisition of Crestwood Manor Apartments in Little Rock, Ark. The 218-unit multifamily property is located in the center of the Hillcrest neighborhood and is surrounded by a beautiful city park. The community is virtually the only full-size apartment property in the area.
Josh Mandell, StoneRiver’s director of investments, said, “Crestwood fits ideally with our strategy of acquiring and upgrading an under-appreciated property in an irreplaceable location.”
StoneRiver will invest significantly in the renovation of the apartment community and continue to manage the property upon its completion. The rehabilitation will include new roofs, balcony repairs, window and door replacements and more exterior improvements. Interior upgrades will include new flooring kitchen and bath finishes, countertops, lighting, cabinet renovations and more.
The transaction follows a recent acquisition by the company in the Riverdale submarket nearby. StoneRiver partnered with Eastham Capital and Grandbridge Real Estate Capital provided debt financing via a Fannie Mae loan assumption. Jerry Webster of The Webster Corporation brokered the transaction. Bear Claw Construction will be managing the rehab, which should conclude in the second quarter of 2016.
StoneRiver President Joseph Welden said, “We are enthusiastic about the unique potential of Crestwood and the opportunity to grow our presence in Little Rock.”
Image courtesy of Canyon View Capital