Canyon View Capital seals $78.8M deal for Landmark Apartments in Little Rock

A California real estate firm has completed the second leg of a 450,000-square-foot apartment acquisition in west Little Rock worth more than $78 million.

Canyon View Capital paid $78.8 million for the 22-acre, 372-unit Landmark Apartments property at 1600 Rushmore Avenue.

The company bought Phase I (9 buildings, 196 units), which was built in 2017, in February 2023 for $40.25 million. Phase II (6 buildings, 176 units), which was built last year, changed hands in February 2024 for $38.5 million.

The price per unit was $211,828. An affiliate of VCC Construction of Little Rock, led by Sam Alley, was the previous owner and developer.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group in Rogers, led by managing director Martin Bynum, brokered the deal. Bynum said the property boasted an 85% occupancy rate when the transaction closed.

The gated community has numerous amenities and offers one-, two- and three-bedroom floor plans ranging from 725 to 1,326 square feet.