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LITTLE ROCK, AR-The Arbors of Pleasant Valley, a 184-unit, class-A multi-family property here, has changed hands for $13.1 million. The New York City-based private real estate investment firm Somerset Partners LLC sold the 96%-leased property to an affiliate of Entreprenurial Properties Corp. of Newport Beach, CA.
Built in 1998, the Arbors of Pleasant Valley is located at 2020 Hinson Loop Rd. The gated rental community features 184 spacious one-, two- and three-bedroom apartment homes, an outdoor pool, clubhouse, fitness center and business center. Somerset Partners acquired the asset in 2003 for $11 million.
Entreprenurial Properties' purchase price represents a 6.75% capitalization rate, a source at Somerset tells GlobeSt.com. Ted Bailey and Richard Cheek of The Multifamily Group, LLC of Little Rock, represented Somerset Partners.
Somerset Partners is owned and managed by Marshall Allan, Philip Welch and Keith Rubenstein. Allen says that despite this sale, Somerset is looking to add several thousand more multifamily units through its recently closed Somerset Multi-Family Fund I, which is supporting a $400-million acquisition campaign of class-A apartment properties throughout the Southwest and Southeast US.
Since 2002, Somerset Partners has assembled a 3,000-unit portfolio of properties in markets such as Atlanta, Oklahoma City, Cincinnati, Little Rock, Tulsa and Wichita. A third of that portfolio has been added this year. The company has also entered the mezzanine lending arena in 2005 and acquired its first commercial office property, a 600,000-sf class A office building at 85 Tenth Ave. in the Chelsea section of Manhattan.
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