The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and closed the Fannie Mae DUS® loan assumption for Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock, Arkansas.
Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. Greystone handled the Fannie Mae loan assumption, which was a loan originally provided in 2019. The multifamily property was sold by Chenal Valley – Orchard, LLC and Chenal Valley – Foxwood, LLC. The buyer is King George Apartments, LLC.
“Pinnacle Park at Chenal Valley is one of the few Class ‘A’ conventional multifamily properties in the Little Rock metro area. The buyer is excited to implement their management strategy in a market with historically high occupancy and growth opportunity,” said Bynum, Director at Cushman & Wakefield.
Built in 1999, Pinnacle Park at Chenal Valley features top-of-market features and amenities within the strong submarket of West Little Rock. This includes a clubhouse, 24-hour virtual fitness center, sparkling pool, daily coffee bar, and 24-hour package room. The property is also located in the affluent Chenal Valley area, which has been experiencing tremendous population growth.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.