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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.

While Enclave at the Riverfront was under development, the 370,000-square-foot Alltel Arena was just finishing construction down the street. Adding to the perfect storm was the completion of Junction Pedestrian Bridge, which crosses the river and links Enclave at Riverfront to Little Rock’s booming River Market District.

Clayton acknowledges there are factors in addition to a class A apartment product that seem to be calling out to investors. Area employment growth is on an uptick, which isn’t the case in other markets. Additionally, “we’re not over-saturated with apartment properties in this market,” Clayton explains. “We have just the right amount here.”

Statistics from Carrollton, TX-based M

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