LITTLE ROCK, AR – Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of five Arkansas multifamily properties that comprise the Arkansas 360 Portfolio – Cottages of Hot Springs, Glen Oaks, Indiandale Manor, Village Meadows, and Woodland Terrace. Totaling 360 units, the properties were acquired by several buyers and the final portfolio sale price was $20,925,000.
Martin Bynum, Cole Herget, and Craig Hey of Cushman & Wakefield represented the seller, The Danny Thomas Company in the transactions. The multifamily portfolio includes:
- Cottages of Hot Springs, a 72-unit community in Hot Springs acquired by Lin Brothers Investment, LLC
- Glen Oaks, a 56-unit community in Fort Smith acquired by Safe Harbor
- Indiandale Manor, a 132-unit community in Hot Springs acquired by Anabolic
- Village Meadows, a 40-unit community in Fort Smith acquired by Safe Harbor
- Woodland Terrace, a 60-unit community in Little Rock acquired by Wild Oak
"The Arkansas 360 Portfolio presented a great opportunity to acquire scale, below replacement cost, in tightening submarkets with rising rents,” said Bynum, Director at Cushman & Wakefield. “New ownership is excited to initiate a value-add strategy to capture the allure of the expanding and diverse renter pool in Little Rock, Hot Springs, and Fort Smith."
Built between 1973 and 2005, the five-property portfolio is strategically located throughout the state of Arkansas and is near major employers and a variety of nationally recognized retail establishments.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.