New apartment construction keeps building.OCCUPANCY IN THE PULASKI County Pulaski County is the name of several counties in the United States:
"The market is stable and solid," said Jerry Webster Webster, town (1990 pop. 16,196), Worcester co., S Mass., near the Conn. line; settled c.1713, set off from Dudley and Oxford and inc. 1832. The chief manufactures are footwear, fabrics, and textiles. , president of Little Rock's Webster Corp. "It's borderline borderline /bor·der·line/ (-lin) of a phenomenon, straddling the dividing line between two categories.
borderline strong. You hate to use the word strong because it sometimes gives the wrong connotation con·no·ta·tion
1. The act or process of connoting.
a. An idea or meaning suggested by or associated with a word or thing: .
"But all the construction that is happening now is a result of a simple formula: strong market plus good interest rates equals new construction."
ERC (database) ERC - An extended entity-relationship model. Development Group of Barling (Sebastian County) has three new apartment projects totaling 556 units in the construction pipeline in Pulaski County.
Framing work is under way on ERC's 172-unit ChapelRidge project in North Little Rock, that city's first new multifamily development since 1985. The project near the southeast corner of Highway 161 and McCain Place should open during the second or third quarter of 2005.
ERC recently settled a lawsuit with the city of Sherwood to clear the way for getting a building permit and got the paperwork rolling on tax-exempt bond Tax-exempt bond
A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax.
See municipal bond. financing for a proposed 168-unit project on Brockington Road.
The company is hoping to break ground by December on the nine-acre development, estimated to weigh in at $10.7 million.
ERC has completed dirt work moving toward a third quarter 2005 opening for its HighlandPointe development in west Little Rock. The 216-unit upscale project is similar in design to its HighlandPointe Apartments, which came on line in Maumelle earlier this year.
"We were very pleased with the lease up," said John Clayton John Clayton may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of ERC Development Group. "As of Aug. 29, we're 50 percent leased."
Besides HighlandPointe, three other new apartment projects are under construction in west Little Rock--Stonebridge at the Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. , 260 units; The Reserve at Chenal Valley, 248 units; and The Cedars at Wellington Lake, 128 units.
Ted Bailey III, partner in Multifamily Group LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control of Little Rock, expects occupancy in northwest Little Rock will soften with the arrival of these four projects.
"The Cantrell corridor is the hottest market in terms of job growth and apartments," Bailey said. "We are hoping this will help keep occupancy from getting too soft in this submarket sub·mar·ket
A geographic, economic, or specialized subdivision of a market.
Being below what is usual in a particular market: submarket wages; submarket interest rates. ."
Jerry Webster believes new construction will tail off while the market absorbs the new units that are in place or on the way. To protect against tenant migration, apartment owners will have to stay on the ball.
"People are going to have to spend money to keep the property maintained or suffer the consequences," Webster said. "I think acquisition-rehabs are going to be popular. They don't have to be expensive rehabs either; these can be cosmetic cosmetic /cos·met·ic/ (koz-met´ik)
1. pertaining to cosmesis.
2. a beautifying substance or preparation.
Reports of a new class-A apartment project in downtown Little Rock with 100 units or so are making the rounds, and the would-be deal could surface by year's end.
"There continues to be a lot of talk about apartments in the downtown market," said Richard Cheek, partner in Multifamily Group LLC. "But the only projects remain to be loft apartments, which is a different creature."
The sales front is shaping up for another bout of transactions that will likely close by December, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
"It's going to be an active year," he said. "We're winding down, but you're going to see some large, impressive sales between now and the end of the year."
The biggest apartment transaction in Pulaski County during 2003 was The Grove at Pleasant Ridge Pleasant Ridge may refer to:
Vintage Pleasant Valley LLC, led by David Alexander David Alexander may mean:
"That property today would sell at a significantly higher price than it sold for a year ago," Webster said. "New construction has just gone out of sight."
Seven other apartment projects changed hands around Pulaski County during 2003 in sales that topped the $1 million mark.
Pleasant Woods Apartment Associates LLC of Pennsylvania bought its namesake name·sake
One that is named after another.
[From the phrase for the name's sake.]
Noun 220-unit project at 11800 Pleasant Ridge Road for $8 million. The 18.3-acre development in west Little Rock was acquired from Pleasant Woods/DEC Ltd. of Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. .
Chateau West Apartments LLC, led by William Tull, purchased its namesake 141-unit project at 6310 Asher Ave. for $4 million. The limited liability company bought the 7.4-acre development in Little Rock from Winn Revocable rev·o·ca·ble also re·vok·a·ble
That can be revoked: a revocable order; a revocable vote.
Adj. 1. Management Trust, led by James and Juanita Winn.
v. stone·walled, stone·wall·ing, stone·walls
a. Homes LLC, led by John Kitterman, acquired the 124-unit Stonewall Apartments complex at 1010 N. First St. for $3.7 million. The limited liability company purchased the seven-acre development in Jacksonville from Stonewall Apartments LLC, led by Ralph Bozeman.
Carl Schultz and Cynthia Knoerr bought the 104-unit Protho Manor Apartments complex at 1909 Highway 161 for $2.5 million. They acquired the 7.2-acre development in North Little Rock from Myrtle Henry.
Donald Marshall Sr. and his wife, Helen, purchased the 109-unit Windamere Townhouses and Apartments at 5701 Dreher Lane for $2.5 million. The 4.48-acre development in southwest Little Rock was bought from the Donald K. Kirk Revocable Trust Revocable Trust
A trust whereby provisions can be altered or cancelled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries. .
Lynnwood Apartments LLC, led by Wade Arnold, acquired its namesake 59-unit complex at 8860 Thomas Drive for nearly $1.5 million. The 2.4-acre development in Sherwood was purchased from Arnold & Co., led by Tom Arnold Tom Arnold is the name of:
Donald and Melba Marshall bought 122 units of the former Lew & Crenshaw cren·shaw also cran·shaw
A variety of winter melon (Cucumis melo var. inodorus) having a greenish-yellow rind and sweet, usually salmon-pink flesh.
[Origin unknown.] project (9115-9205 Lew Drive and 5216-5422 Crenshaw Drive) in southwest Little Rock for $1 million. The Marshalls renamed the 4.5-acre development Meadowcrest Apartments after purchasing it from Zato Investments Ltd., led by Michael Rushin.
Apartment Market Index First Quarter 2004 Total Units Avg. Unit Avg. Rent Surveyed Occupancy Size (SF) (monthly) Units Built Before 1980 10,202 92.7% 848 $541 Northwest LR 2,818 93.2% 873 $576 North Little Rock 2,434 92.4% 825 $532 Central LR 2,409 93.0% 873 $598 Southwest LR 1,136 93.3% 799 $437 Jacksonville 649 95.4% 774 $392 West Central LR 638 87.7% 908 $569 Sherwood 118 90.0% 780 $424 Units Built in 1980s 6,347 94.8% 832 $581 Northwest LR 3,398 96.2% 841 $628 Central LR 725 86.6% 777 $600 West Central LR 624 92.8% 808 $486 Southwest LR 272 99.6% 775 $539 North Little Rock 365 92.6% 887 $563 Jacksonville 364 97.7% 684 $412 Sherwood 357 100.0% 924 $504 Maumelle 242 90.4% 1,010 $541 Units Built After 1990 3,131 95.3% 904 $685 Northwest LR 1,053 94.0% 997 $823 Southwest LR 876 96.6% 822 $561 Sherwood 578 100.0% 819 $534 Downtown LR 234 89.1% 915 $751 Central LR 222 96.0% 917 $894 Maumelle 168 88.6% 1,001 $610 Overall LR Area 19,680 93.8% 852 $577 First Quarter 2004 * Annualized Avg. Rent Change per SF in Rent Units Built Before 1980 63.8 cents 2.8% Northwest LR 66.0 cents 2.8% North Little Rock 64.5 cents 1.5% Central LR 68.5 cents 1.3% Southwest LR 54.7 cents 3.7% Jacksonville 50.6 cents 1.5% West Central LR 62.7 cents 11.6% Sherwood 54.4 cents 0.0% Units Built in 1980s 69.8 cents 1.8% Northwest LR 74.7 cents 3.9% Central LR 77.2 cents -4.6% West Central LR 60.1 cents 0.0% Southwest LR 69.5 cents 0.0% North Little Rock 63.5 cents 0.0% Jacksonville 50.2 cents 3.9% Sherwood 54.5 cents 0.0% Maumelle 53.6 cents 0.0% Units Built After 1990 75.8 cents -0.1% Northwest LR 82.5 cents 1.0% Southwest LR 68.2 cents 0.0% Sherwood 65.2 cents 0.0% Downtown LR 82.1 cents 8.7% Central LR 97.5 cents 0.4% Maumelle 60.9 cents -17.6% Overall LR Area 67.6 cents 0.2% * Change in average rent from from Dec. 31, 2003, to March 31, 2004 Source: The Multifamily Group LLC of Little Rock Pulaski County Apartment Occupancy 1985-2003 1985 1986 1987 1988 1989 1990 1991 1992 1993 89.0% 86.0% 82.0% 86.8% 91.4% 92.5% 93.4% 94.4% 95.7% 1994 1995 1996 1997 * 1998 1999 2000 2001 2002 95.1% 95.0% 93.9% 92.9% 91.9% 92.3% 94.4% 93.7% 94.1% 2003 93.9% * 1997 data extrapolated from trend 1996-1998. Source: 1999 Pulaski County Apartment Survey and The Multifamily Group, Little Rock.