Villas on Sixty Fifth

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Address: 5001 W 65th St, Little Rock, AR 72209, USA
Created date: December 7, 2023
Date last updated: December 7, 2023
  • Can Be Acquired for <$30,000/Unit – Seller Financing Available
  • Bring Occupancy to Submarket Rate of 90% (Currently at 21%)
  • Opportunity to Implement RUBS for Electricity and Water on this All-Bills-Paid Property
  • More than Half of the Units are 2 or 3-Bedrooms
  • Ownership has Spent Over $1MM on Property Renovations Since 2018 – Painted the Exterior, Replaced Roofs, and All Window Units
  • LURA Maximums Are up to $300 Higher Than Current Market Rates
  • 748,000 People Reside in the Little Rock-MSA
  • 10 Minutes from Downtown Little Rock – Offers Residents Quick and Convenient Access to Daily Necessities
  • Walking Distance to an Elementary School, Stores, Two Shopping Malls, and Locally-Owned Restaurants

Property Description

Summary: The Multifamily Group is pleased to present the exclusive offering of Villas on Sixty Fifth, a value-add opportunity in Little Rock, Arkansas. Constructed in 1972, the subject is an all-bills-paid community consisting of 224 units averaging 775 square feet. Villas on Sixty Fifth has a LURA that affects 40% of the units that expires in 2039 (see pages 35-36 for more information). There are three floorplans, with more than half being two or three bedrooms. 96 are 1/1, 96 are 2/1, and 32 are 3/1.   Capital Expenditures: Since 2018, ownership has spent ~$1,050,000 on painting the exterior, replacing the roofs, and replacing all of the unit’s windows. The current LURA, which affects all units, was put on the property in 2009 and will expire in 2039.   Value-Add: New owners should bring in an experienced, professional management team to lease up the property, which is currently 21% occupied, to submarket rates of 90% (CoStar). The property is currently run as all-bills-paid, so a new owner can implement billback for electricity and water for two new revenue streams. See pages 11-12 for details.   Location: Villas on Sixty Fifth has significant frontage on West 65th Street (16,000 VPD). Villas on Sixty Fifth is 6 miles from The University of Arkansas Medical Science Center, 7 miles from Baptist Health Medical Center, which are major economic drivers for Little Rock. Downtown Little Rock is just 10 minutes northeast and home to various independently owned and operated restaurants, museums, and boutique shopping centers. The asset is less than 10 minutes from The University of Arkansas at Little Rock and the Bill and Hillary Clinton National Airport.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Garden Style
No. of Units: 224
Average Occupancy: 21
Year Built: 1972
Building Size: 173,600 Sq ft
Lot Size: 12.59 Acres
APN: 34L3630003200
Opportunity Zone: No
Property Website Click Here
Address: 5001 W 65th St, Little Rock, AR 72209, USA

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent

Additional contacts

Full name Phone number Email address
Chase Davis 972.465.9533 chase.davis@multifamilygrp.com
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