Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of five Arkansas multifamily properties that comprise the Arkansas 360 Portfolio—Cottages of Hot Springs, Glen Oaks, Indiandale Manor, Village Meadows, and Woodland Terrace. Totaling 360 units, the properties were acquired by several buyers and the final portfolio sale price was $20,925,000.
Martin Bynum, Cole Herget, and Craig Hey of Cushman & Wakefield represented the seller, The Danny Thomas Company in the transactions. The multifamily portfolio includes:
- Cottages of Hot Springs, a 72-unit community in Hot Springs acquired by Lin Brothers Investment, LLC
- Glen Oaks, a 56-unit community in Fort Smith acquired by Safe Harbor
- Indiandale Manor, a 132-unit community in Hot Springs acquired by Anabolic
- Village Meadows, a 40-unit community in Fort Smith acquired by Safe Harbor
- Woodland Terrace, a 60-unit community in Little Rock acquired by Wild Oak
“The Arkansas 360 Portfolio presented a great opportunity to acquire scale, below replacement cost, in tightening submarkets with rising rents,” said Bynum, Director at Cushman & Wakefield. “New ownership is excited to initiate a value-add strategy to capture the allure of the expanding and diverse renter pool in Little Rock, Hot Springs, and Fort Smith.”
Built between 1973 and 2005, the five-property portfolio is strategically located throughout the state of Arkansas and is near major employers and a variety of nationally recognized retail establishments.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units.