LITTLE ROCK, AR—Capstone Apartment Partners has closed the $9.35 million sale of Augusta Place: a 1970’s vintage garden-style apartment community in North Little Rock, Arkansas. The 210-unit asset is comprised of 24 two-story buildings on 11.12 acres of land.
Capstone’s David Dirkschneider, William Forrest, Mike Marrara, and Chris O’Hare sold the asset on behalf of Anthem Capital. The buyer is Mac Assets, who plans to continue to improve the community’s curb appeal and update apartment interiors.
“The seller had been approached with an unsolicited offer but didn’t feel confident with the buyer. Capstone provided a BOV, fully marketed the property, and received multiple offers which ultimately resulted in a sale price well above the original offer the seller had received,” said Dirkschneider.
“The buyer was attracted to the value-add aspect of the property and the strength of the Little Rock market, which had recorded an impressive 8.7% rent growth in the previous 12 months,” O’Hare added.
Built in 1973, Augusta Place is comprised of studio, one-, and two-bedroom apartment homes with wood-style flooring, fully equipped kitchens, fireplaces, and ceiling fans. Community amenities include a playground and courtyard. Augusta Place was 92% occupied at the time of closing.