Group Teams Up to Develop Apartments in Little Rock

Group Teams Up to Develop Apartments in Little Rock

DALLAS, TX - Autumn Woods on the Divide in West Little Rock’s exclusive Chenal Parkway submarket includes 260 residences near St. Vincent Healthcare’s West Campus. Prescott Realty Group has joined with Bedrock Commercial Partners, LLC to develop Autumn Woods on the Divide, a multi-family property in the exclusive Chenal Parkway area of West Little Rock, Arkansas.

The garden-style apartment development is conveniently located near the recently announced St. Vincent West, a health and wellness campus that is part of Little Rock’s St. Vincent Healthcare System, and to some of the best quality retail in the city.

“We believe that the strong Chenal Parkway submarket will support this project and that it will be a welcomed addition to the local community,” said Taylor Stone, managing director/multi-family for Prescott.

The partnership between Dallas-based Prescott and Bedrock was formed for the purpose of pursuing opportunities for development projects, along with projects where financial institutions need redevelopment expertise to complete or position a project.

Bedrock and Prescott worked together to identify the Little Rock development opportunity and to close a complicated loan structure in order to begin construction. Included in the financing is a HUD 221(d) 4 construction loan that provides funds for new construction Class A projects..

“We are excited to partner with Prescott on the Autumn Woods project, especially since the development is in our backyard where our market knowledge is deep,” said Derek Alley, acquisitions manager for Bedrock. “The West Little Rock community will greatly benefit from this project.”

VCC is the general contractor for the Autumn Woods development and is currently building multiple multifamily projects around the Country. The company is licensed in all 50 states, with seven offices across the United States, including in Dallas and Little Rock.

Autumn Woods will be set on 15.2 acres with views of the adjacent lake and surrounding wooded areas. Amenities will include a full service, up-to-date clubhouse with a professional-inspired fitness center, game room, media area, Internet café and a tanning bed. The clubhouse will be complimented with a luxurious, free-flowing pool, an outdoor kitchen and dining area.

Residents can choose from one- or two-bedroom apartments. The property will be ready for occupancy in spring 2012.

Bedrock Commercial Partners, LLC  is a privately held real estate operations and investment company, focused on strategic value-added acquisition, development, capitalization, repositioning and management of real estate assets.

Employing 20 years of real estate expertise, Dallas-based Prescott Realty Group specializes in the investment and redevelopment of mixed-use, urban infill projects and infrastructure-rich settings. Since the company started in 1996, Prescott has been a prime contributor and quiet leader in transit, mixed-use developments and residential projects providing people with live, work, and play environments.

Source: Prescott Realty Group

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