Growth in the state capital of Arkansas has been fueled by new industry and the expansion of existing companies, but affordable housing has not kept pace, with no other new multifamily rental complexes under development or planned and many existing complexes 20- to 30 years old, says Related Capital managing director Patrick Martin.
"Related Capital continues to view the Sunbelt as one of the biggest areas of investment opportunity for affordable housing," adds Martin. "ChapelRidge is a very solid investment, especially given that Little Rock's rental housing inventory is showing wear and tear."
North Little Rock is located on the north side of the Arkansas River across from Little Rock and in its metropolitan area. ChapelRidge of North Little Rock will be located on a site that is north of McCain Boulevard and east of Highway 161, within the McCain Business Park, a planned mixed-use development.
The community will consist of 17 two- and three-story buildings plus a club house. One- to four-bedroom residences will range in size from 673 sf to 1,333 sf. The majority of residences will be reserved for those earning 60% or less of the area's median income. Rents are expected to start at $450 per month.
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