CHICAGO and MEMPHIS, Tenn. – October 9, 2019 – Berkadia announced today the sale of Park Avenue Lofts, a 258-unit midrise multifamily property in Little Rock, Arkansas. Senior Director Patrick Jordan of Berkadia’s Memphis office and Senior Managing Director Alex Blagojevich of Berkadia’s Chicago office together completed the sale on behalf of both the seller, Birmingham-based Equity Resources, LLC and the buyer, Dallas-based RREAF Holdings, LLC. The deal closed on August 23.
“We were very grateful for the opportunity to be a part of this transaction,” said Jordan. “We look forward to seeing the buyer execute on their light value-add strategy and take Park Avenue to the next level.”
Located at 320 S University Ave., Park Avenue Lofts features one- and two-bedroom floor plans with hardwood flooring. Community amenities include a resort-style pool, a fitness center, a barbecue area, a gas fire pit and controlled building access. Residents are also afforded convenient access to The Little Rock Zoo, Wilbur D. Mills Freeway and the shops and restaurants along W Markham Street.