Little Rock multifamily property sold for $7.4 million in all-cash deal

by Paul Gatling ([email protected]) 2,718 views 

A 6.2-acre multifamily development in Pulaski County changed hands recently in an all-cash deal worth $7.4 million.

Aspen Square Management of California bought the Rowan Park development at 1000 Kirby Road, just off Kanis Road in Little Rock. The 73,896-square-foot gated complex includes 72 units and was built in 2011.

Rowan Park at Kanis LLC, registered to Little Rock developer Jacob Chi, was the seller.

Rowan Park has one- and two-bedroom units ranging from 770 to 1,174 square feet. The development was 92% occupied when it changed hands.

Thomas Schmidt, partner and co-founder of commercial real estate firm Flake & Co. in Little Rock, represented the seller. Philip Schmidt, his brother, and a partner at Kelley Commercial Partners in Springdale, represented the buyer.