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Apartments Hit $200K Per Unit

Arkansas Business, 2023-07, Vol.40 (31), p.1-13

COPYRIGHT 2023 Journal Publishing, Inc. ;Copyright Arkansas Business Jul 31-Aug 6, 2023 ;ISSN: 1053-6582

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  • Title:
    Apartments Hit $200K Per Unit
  • Author: Waldon, George
  • Subjects: Apartment houses ; Apartments ; Buildings and facilities ; Company pricing policy ; Federal Reserve monetary policy ; Interest rates ; Prices ; Prices and rates ; Real estate industry ; Sales ; Statistics
  • Is Part Of: Arkansas Business, 2023-07, Vol.40 (31), p.1-13
  • Description: * Three apartment complexes in Little Rock sold for more than $200,000 per unit in the past 12 months. * But higher interest rates are taking the steam out of the seller's market. A Canyon View Capital investment group laid down a significant amount of cash but opted for a shorter term loan in its purchase of a 196-unit piece of the Landmark project built in 2017 at 16000 Rushmore Ave. Bought from an ownership group led by Little Rock's Alley family, Landmark sold for $40.2 million, split between $16.1 million cash and a three-year loan of $24.1 million. The Federal Reserve took the transactional steam out of all real estate sectors by raising the prime interest rate 10 times during March 2022-May 2023.
  • Publisher: Little Rock: Journal Publishing, Inc
  • Language: English
  • Identifier: ISSN: 1053-6582
  • Source: ProQuest Central
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