A subsidiary of a New York real-estate investment has purchased the Forest Place Apartments at 1421 N. University Ave. in Little Rock for $29.3 million.
The buyer was Forest Place Apartments LLC, which is an arm of the Beitel Group. The Brooklyn firm said that it has more than 10,000 properties in its portfolio worth more than $1 billion.
The seller was Forest PL TIC I/TIC II LLC, a subsidiary of Maxus Properties Inc.of North Kansas City, Mo., which purchased the 256-unit property for $17.6 million in 2012, according to online records maintained by the Pulaski County assessor’s office. It has an assessed value of $20.6 million.
Maxus Properties’ portfolio still contains three multifamily properties in Central Arkansas. They include the Foothills Apartments in North Little Rock; the Wellington at Chenal Apartments in west Little Rock; the Highland Pointe Apartments of West Little Rock; and the Highland Pointe Apartments of Maumelle.
Forest Place, which has 256 units and was built in 1977, suffered $12.5 million in damage from a series of deliberately set fires in 2013.