Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Arbor Pointe at Hillcrest, a 218-unit apartment community located in the Hillcrest neighborhood of Little Rock. The sale price was $18.3 million, equating to more than $83,945 per unit.
Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. The Equity, Debt & Structured Finance team at Cushman & Wakefield also arranged financing on behalf of the buyer. The multifamily property was sold by Nighthawk Equity and acquired by Wicker Park Capital Management.
“Arbor Pointe at Hillcrest presents a prime opportunity to buy an asset with major value-add upside in one of the most desirable neighborhoods in Little Rock. Hillcrest is well-located in central Little Rock within close proximity to the metro’s vast healthcare employment base of more than 30,000 jobs,” said Bynum, Director at Cushman & Wakefield.
Arbor Pointe at Hillcrest, built in 1973, is situated in the blossoming Hillcrest submarket of Little Rock. The multifamily community offers several amenities including a business center, pool, clubhouse, walking and biking trails and nearby access to four city parks, the Little Rock Zoo and downtown Little Rock. A substantial value-add opportunity is also available through future interior renovations.