Market Could Boost 260-Unit Enclave's Appeal

NORTH LITTLE ROCK, AR-The recently-completed 260-unit Enclave at the Riverfront is coming to the sales block in a multifamily market boasting a healthy 95.6% occupancy. The asset carries a $39 million ask, and the seller believes it could attract an institutional investor to this tertiary market.

Hendricks & Partners senior investment advisor John D. Clayton says leasing for the asset at 75 Riverfront Drive began during Q1 2008. The project itself was completed last summer and is already 80% occupied. Little Rock-based Clayton, who is representing seller Bomasada Group of Houston, says even in a strong market like Little Rock, he hasn’t before seen such active leasing velocity.

“The developer could not have timed the development of this property any better in terms of the location,” says Clayton, who is marketing the property with colleagues Aaron Hargrove, associate partner of Hendricks & Partners’ Tulsa, OK office and senior investment advisor Tim McKay, who operates out of the Oklahoma City office. “He took a location that originally had an old, empty warehouse on the Arkansas River, demolished it, and built this structure,” Clayton adds.