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Canyon View Capital Acquires Landmark Apartments II LLC For $78.8M

Property Image
SOLD
$78,800,000
Martin Bynum
Cole Herget

Arkansas

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MultiFamily
Sold 03/25/2024
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Property Image
SOLD

Canyon View Capital Acquires Landmark Apartments II LLC For $78.8M

16000 Rushmore Avenue

See Similar Deals
MultiFamily
Sold 03/25/2024
Martin Bynum
Cole Herget
the dealplayerscompscontact
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Summary

ARKANSAS
Asset Type:MultiFamily
Transaction Type:Sale

The sale involved Landmark Apartments, a 372-unit multifamily complex located at 16000 Rushmore Avenue in Little Rock, AZ. The property was sold for $78,800,000 with a price per unit of $211,828.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $78,800,000
  • Units: 372
  • Address: 16000 Rushmore Avenue
  • Market: Little Rock, AZ

Cole Herget & Martin Bynum of Cushman & Wakefield served as the brokers in the transaction, facilitating Canyon View Capital's acquisition of Landmark Apartments for $78.8 million. Canyon View Capital purchased the property in two phases, initially acquiring it for $40.3 million in February 2023 and finalizing the transaction with an additional $38.5 million in February 2024.

Players

Martin Bynum
Cushman & Wakefield
Martin Bynum
2 deals$142.1M volume(501) 240-2289
BROKER
Cole Herget
Cushman & Wakefield
Cole Herget
1 deal$78.8M volume(501) 707-4835
BROKER

Details

SOLD
IMAGE: 03/25/2024 ADDRESS: 16000 Rushmore Avenue MARKET: Little Rock, AZ ASSET TYPE: Multifamily BUYER: Canyon View Capital SELLER: Landmark Apartments II LLC BROKERS: Cole Herget & Martin Bynum - Cushman & Wakefield SALE PRICE: $78,800,000 UNITS: 372 ~ PPU: $211,828 NOTE: Cushman & Wakefield facilitated the $78.8 million sale of Landmark Apartments, a 372-unit multifamily complex in Little Rock, with Canyon View Capital acquiring the property in two phases for $40.3 million and $38.5 million in February 2023 and February of this year, respectively.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,202,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$279,959.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$373,552.20
Annual Debt Service$4,482,626.42