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Midtown park

apartments

132 Units | Built 1959

The Opportunity

Berkadia is pleased to present the exclusive opportunity to acquire Midtown Park Apartments located in the heart of the Midtown Medical Corridor in Little Rock, AR. Midtown Park is a 132-unit, 10-story high-rise surrounded by major employers, popular shopping malls, national retailers, restaurants, and entertainment venues. The community sits on the corner of W Markham and S University Avenue positioned just across the street from two of Little Rock’s Major Medical Employers, Chi St. Vincent Infirmary and UAMS. With over 25,000 healthcare professionals employed in the submarket, Midtown Park is within a 2-mile radius to 5 major hospitals (Baptist Health, Arkansas Children’s Hospital, VA, Chi St Vincent and UAMS). To the north of Midtown Park Apartments are two of the area’s most popular Shopping Malls: Park Plaza Mall and MidTowne Shopping Center. Two blocks south, where the old Sears building currently sits, will be the newest delivery to the immediate submarket, The District Midtown. This new mixed-use development, that will break ground this year, is scheduled to feature restaurants, a coffee shop, hotels and a grocery store. Chick-fil-A and Chipotle surround the property with other leading franchise restaurants like McDonalds, Panera Bread, Newks etc. just a short walk away. Midtown Park is located just north of Interstate 630, a major thoroughfare, making travel throughout the city effortless.

 

Investment Highlights

  • Qualified Contract Eligible Property located in irreplaceable Class A location
  • 132 total units (106 affordable + 26 market-rate)
  • Current Rents are well below market rate averages of $951
  • There are five hospitals within a 2-mile radius of Midtown Park (25,000+ employees in the healthcare field)
  • Located next to a Lifestyle Community (Park Avenue) anchored by Target and LA Fitness
  • Directly across from Park Plaza Mall, Midtowne Shopping Center, and one block from District Midtown, a new mixed-use development consisting of restaurants, a grocery-store, and hotels
  • Midtown market has outperformed the Little Rock MSA with an average effective rent growth of 2.9%

THE PROPERTY

UNIT Amenities

  • Kitchen with refrigerator, stove, double sinks, and plenty of cabinet and counter space
  • Over-sized closets, wood-style flooring, window coverings, and lighted ceiling fan
  • Full-size bathroom with tub and shower
  • Select units include a deck and city views
  • Central heating / air conditioning, cable TV ready, and high-speed Internet access

COMMUNITY Amenities

  • Sparkling swimming pool with sundeck
  • Fitness center with state-of-the-art cardio equipment and free weights
  • Beautifully decorated leasing office / resident lounge / lobby
  • Community / activity room
  • Laundry facilities
  • Garden courtyard
  • Picnic and grilling area
  • Elevators
  • Convenient parking
  • Controlled access
  • Near public transportation and Interstate 630
  • Community sponsored social events

THE LOCATION

ECONOMIC SNAPSHOT

DOCUMENT CENTER

CONTACT US

Investment Advisors

CALEB FISHER

Associate Director

caleb.fisher@berkadia.com

901.425.1827

PATRICK JORDAN

Senior Director

patrick.jordan@berkadia.com

901.568.1292

ALEX BLAGOJEVICH

Managing Director

alex.blagojevich@berkadia.com

312.845.3088

MEMPHIS OFFICE

2320 South Germantown Road

Second Floor

Germantown, TN 38138

901.425.1828 | Fax: 901.425.1831

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.   This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

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