SBV Communities Purchases Avondale Apartments in Little Rock, Arkansas
SBV Communities today announced its purchase of 206-unit Avondale Apartments in Little Rock, Arkansas. The acquisition is the third of this year for the owner and operator of multi-family apartment complexes and marks the continued expansion of its geographic footprint. SBV Communities executed the purchase and sale agreement on March 25th and closed the transaction on April 17th, increasing its portfolio to include 12 markets.
Avondale Apartments attracted the attention of SBV Communities in part due to the strong economic standing of the surrounding area. The average household income in the immediate proximity exceeds $90,000 per year and as a whole, Little Rock’s population of approximately 700,000 people is served by one of America’s most diverse metropolitan economies. SBV Communities believes Avondale to be an outstanding re-positioning opportunity and will immediately begin a comprehensive rehabilitation of the property’s 206 units. Amit Raizada, Chief Executive Officer of SBV, noted it is the eighth multi-family purchase in the past 12 months and first in the Little Rock market.
“Avondale fits our investment profile perfectly and we are excited to begin rehabilitating the property. Once complete, we believe a re-positioned Avondale will attract hard working families and continue to strengthen the surrounding community.” –Chris Thomson, Director of Multi-Family Acquisitions
About SBV Communities
SBV Communities was formed in 2009 to acquire and manage multi-family real estate properties. The company builds long-term value by focusing on lender-owned, B & C properties with strong value-add potential. SBV Communities’ portfolio includes assets in fourteen markets.
About Spectrum Business Ventures, Inc.
Founded in 2002, Spectrum Business Ventures, Inc. is a private firm based in Kansas City, Missouri providing family offices, high net worth and institutions unique, complex and compelling business opportunities to build long-term value at low risk. The company owns and operates entities in the United States, Central America and Europe in a wide range of industries.
For more information about SBV Communities or Spectrum Business Ventures, Inc. please visit sbv.com or call 816.268.1300.