LITTLE ROCK, AK - The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and closed the Fannie Mae DUS® loan assumption for Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock, Arkansas.
Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. Greystone handled the Fannie Mae loan assumption, which was a loan originally provided in 2019. The multifamily property was sold by Chenal Valley – Orchard, LLC and Chenal Valley – Foxwood, LLC. The buyer is King George Apartments, LLC.
“Pinnacle Park at Chenal Valley is one of the few Class ‘A’ conventional multifamily properties in the Little Rock metro area. The buyer is excited to implement their management strategy in a market with historically high occupancy and growth opportunity,” said Bynum, Director at Cushman & Wakefield.
Built in 1999, Pinnacle Park at Chenal Valley features top-of-market features and amenities within the strong submarket of West Little Rock. This includes a clubhouse, 24-hour virtual fitness center, sparkling pool, daily coffee bar, and 24-hour package room. The property is also located in the affluent Chenal Valley area, which has been experiencing tremendous population growth.
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.
About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com