Last Updated: June 26, 2016
Epik Capital Partners is happy to announce that Chris McCloy of CR Diamond Properties has entered into contract for a new apartment acquisition – the Pope-Fairview Estates in Russellville, AR!
Nestled in a quiet town, this 40 unit properties is located within 10 minutes drive from major shopping centers & chain stores (including Walmart, Walgreens, Chili’s, Chick-fil-A, Lowe’s, Sonic, & more), and contains a mix of (32) 2-bedroom and (8) 3-bedroom units.
These Class-C apartments are currently 100% occupied – making them a stable, immediately cash-flowing property for investors. Upon takeover, we will increase rent on all units to average market rents.
- 40 units
- 1973 Construction – good condition!
- In place average rents of $450-550 (below market)
- 100% occupied – stable
- Median Home Price: $80-90k
- Price per unit: $25k
- Opportunity to increase rents $25-75 per unit to market levels
- 10 mins away from Arkansas Tech University
- Minutes away from Interstate 40 for quick commutes
- Population change since 2000: +22.4%
- Only 4.8% unemployment rate (US Average: 5.5%)
- Median age significantly below state average
- Average crime rate
- Diversified jobs & industries nearby
– Manufacturing (20%)
– Retail trade (11%)
– Construction (11%)
– Educational services (10%)
– Other services, except public administration (8%)
– Accommodation and food services (7%)
– Utilities (6%)
– Other (27%)
This is a unique opportunity to acquire a performing asset in a stable location. If you would like learn more about this or other upcoming Epik CP projects, please complete this Investor Questionnaire to get started!