- Offered Individually or as a Portfolio: 416 Units Offer Immediate Scale in Little Rock MSA
- Multiple Value-Add Avenues, Including Day-One Upside
- $2.7M Recently Invested in CapEx
- Strategically Located to Capitalize on Little Rock MSA
- Alluring Amenity Packages
- Proven Upside via Low Flow Water Fixtures
- Attractive Unit Mix
- Offered with Attractive In-Place Financing & Free and Clear
416 Units Offer Immediate Scale in Little Rock MSA
Normandy Place, Midtown @ 7575, and Legacy Pointe are located within a 1,200 ft radius of one another, enabling an investor new to the Little Rock market to obtain an immediate and significant foothold of 298 units in a single transaction within the Midtown submarket. Legacy Pointe (126 units) and The Cove at 300 (118 Units) also offer sufficient scale to operate a dedicated on-site staff independent of the remaining assets.
However, acquiring the entire portfolio will generate ideal economies of scale and maximum operating efficiencies within a tight submarket of Little Rock. This allows investors who are new to the market to operate more efficiently. Fixed costs, such as landscaping, maintenance, and administrative expenses, can be spread across a greater number of units. As a result, the cost per unit decreases.
Acquiring the entire portfolio also offers investors the significant advantage of establishing an immediate geographic footprint in the Little Rock MSA. This rapid market penetration will allow new ownership to become visible to potential tenants, competitors, and local stakeholders quickly. An immediate geographic footprint sets the foundation for future growth in the market, allowing for more efficient expansion. This scalability can lead to increased operational efficiency and a stronger overall presence in the market over time.
$2.7M Recently Invested in CapEx
Minimal CapEx is required as current ownership has invested over $2.7M in recent years, taking risk off the table for future ownership. This includes new roofs, amenity upgrades, exterior updates, parking lot renovations, improved signage, water saving fixtures, and much more! (See detailed CapEx Schedule for each asset within OM). This allows a buyer to focus on finishing out the value-add play, which contributes directly to increasing rents!
Strategically Located to Capitalize on Little Rock MSA
New ownership can capitalize on the growing Little Rock MSA and new development in the area, especially in the immediate Midtown area. The continued development of The District at Midtown, revitalization of Park Plaza Mall, and repurposing of the War Memorial Golf Course will boost renter appeal in an already supply-constrained Midtown Submarket. A substantial number of units were taken offline by the recent Little Rock tornado. It is unlikely these units will be restored in a timely fashion given the constrained labor pool and vast amount of reconstruction needed.
The portfolio also boasts convenient connectivity to the entire MSA. Normandy Place, Legacy Pointe, and Midtown exhibit incredible connectivity to major highways and arterials throughout the MSA including Cantrell Rd (Highway 10), Mississippi St, and University Ave, which provide access to I-430 to the west, I-630 to the south, and I-30 to the east. This provides convenient access to entertainment and business districts including the River Market, Downtown Little Rock, the Outlets of Little Rock, and the Promenade at Chenal, all within 15 minutes.
