AndMark Colony West Apartments LLC has purchased the Colony West Apartments, 1420 Breckenridge Drive in Little Rock, for $6.3 million.
RCP Colony of New York sold the property and was represented by Little Rock's Multifamily Group. AndMark Colony West is a real estate management fund based in Los Angeles that focuses on property in Montana, Oklahoma, Kansas, Missouri, Arkansas and Texas.
The complex, built in 1972, has 126 units. Ted Bailey of the Multifamily Group said Colony West has an occupancy rate in the "high 90s."
"It was a good acquisition with all the growth and activity in west Little Rock," Bailey said. "I think the buyers will do really well with it."
RCP Colony purchased the Colony West Apartments for $3.2 million in 2011.
"The Fund's investments will be primarily in value added residential properties that can be purchased at discounts compared to replacement costs or current market valuations," a company description on AndMark's website states.
-- Chris Bahn