LOS ANGELES, CA - The development division of Post Investment Group announced today that it has begun construction on Riverside at Rockwater. Riverside will consist of 264 luxury apartment homes situated on a 13 acre site along River Road directly on the hike and bike trail surrounding the Arkansas River with views across the river of downtown Little Rock, the state Capitol and the Clinton Museum. This project is part of the Rockwater Village mixed use re-development.
"Riverside at Rockwater is an example of the positive impact that we are seeking to make in the neighborhoods that we invest in," stated Alex Condos, President of the Post Investment Group Development Division. "The Rockwater Village subdivision that our project is part of consists of a re-use, revitalization and renewal of a former infill industrial site that had become obsolete. The redevelopment plans are for a traditional neighborhood development where life is walkable and sustainable; our project is nearby the inner core of the city and nearby many amenities.
"The Little Rock MSA population has grown by 14.6% from 2000 to 2010 according to US Census Bureau figures, and the housing that this project will deliver is needed to keep up with the rapid growth of household formations going on," said Mr. Condos. "Patrick Hays, the mayor of North Little Rock, and the entire city council and staff have been very supportive in helping to bring Riverside at Rockwater to fruition. They knew how important housing was to improving the vitality of the area nearby the downtown district. Without their foresight, this project would never have happened. The city is extending a new road and utilities directly in front of the Rockwood Village subdivision and the Riverside at Rockwood project site."
"With the current disconnect in the capital markets that is constraining the supply of new rental housing, we want our development division to take advantage of key opportunities to deliver units into markets that are starved for new product both from the perspective of tenants and investors," said Jack Ehrman, Chief Investment Officer at Post.
Riverside at Rockwater was structured through a joint venture with a Pasadena-based private wealth management group and financed with a construction to perm HUD 221(d) 4 loan provided by Wells Fargo, NA.
The project is representative of the current Post development pipeline, including a Class A+ luxury multi-family asset in Glendale, CA through a development joint venture partnership and a pending project on 1.15 in-fill acres in Austin, Texas at the southeast corner of Riverside and Lamar. Over the next year Post will be looking to expand this platform with multi-family development opportunities throughout the United States.
Post Investment Group is an opportunistic real estate investment firm focused on multi-family assets nationwide with a portfolio of over 10,000 units. The company's integrated acquisition, development, and construction management divisions specialize in core plus, value-add and distressed investment opportunities capitalized through private and institutional investors.
Source: Post Investment Group