Fayetteville Apartments Purchased With Federal Funding
by January 25, 2010 12:00 am 73 views
ALS Management LLC of North Little Rock recently purchased the South Creekside Apartments in Fayetteville for $4.7 million. The apartments were purchased from The Bank of Fayetteville, which took over the property from Garden Park Apartments LLC in 2008 in a foreclosure.
The 135-unit apartment community is located on 8.28 acres at 900 N. Leverett Ave. It was built in 1967 and includes one-, two- and three-bedroom units. Amenities include a swimming pool, picnic area and tennis court.
The purchase was financed with a $7.7 million loan administered by the Arkansas Development Finance Authority for low-income housing funded by the 2008 housing recovery act.
ALS will renovate the apartment complex. New amenities will include new heat and air conditioning units and a new playground.