Little Rock, AR- Sandhurst Apartment Management (“SAM”) has announced the purchase of Village Green Apartments, a 172-unit multi-family garden style apartment complex built in 1986 located in Little Rock, AR. SAM has managed this asset since 2009, spearheading several capital improvement projects over the years, which has led to continue revenue growth and stable occupancy.
Village Green Apartments is located in Southwest Little Rock, near major highways that lead you to the downtown area. Situated in Little Rock, the Arkansas State Capitol provides an abundance of state and federal jobs, in additional to other major employers such as Verizon, Acxiom and Bank of America. The property has a strong footing in this area, as only 16 new units are projected to come online in the submarket over the next few years and effective rent growth is projected to exceed 3% annually. SAM projects continued revenue growth and stable occupancy, which will allow for future interior unit improvements. Several exterior enhancements have been already been made to the property, including siding and roof replacements.
SAM is pleased to purchase its fifth asset in Little Rock,adding to its existing portfolio of four properties in Little Rock MSA. With easy access to local highways, strong retail and dining presence and the close proximity to major employers, Village Green is situated in an excellent location. As Little Rock has maintained its stability and continues to be a growing capital city, this acquisition proves to be consistent with our strategy of buying assets located in growing submarkets with strong demographics, excellent school systems and economic growth.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive,hands-on-property management. Sandhurst owns and manages assets in 9 states totaling almost 10,200 units.