KANSAS CITY, Mo., April 19, 2012 /PRNewswire/ -- SBV Communities today announced its purchase of 206-unit Avondale Apartments in Little Rock, Arkansas. The acquisition is the third of this year for the owner and operator of multi-family apartment complexes and marks the continued expansion of its geographic footprint. SBV Communities executed the purchase and sale agreement on March 25th and closed the transaction on April 17th, increasing its holdings to more than 3,000 units in 12 markets.
Avondale Apartments attracted the attention of SBV Communities in part due to the strong economic standing of the surrounding area. The average household income in the immediate proximity exceeds $90,000 per year and as a whole, Little Rock's population of approximately 700,000 people is served by one of America's most diverse metropolitan economies. SBV Communities believes Avondale to be an outstanding re-positioning opportunity and will immediately begin a comprehensive rehabilitation of the property's 206 units.
"Avondale fits our investment profile perfectly and we are excited to begin rehabilitating the property. Once complete, we believe a re-positioned Avondale will attract hard working families and continue to strengthen the surrounding community." -Chris Thomson, Director of Multi-Family Acquisitions
About SBV Acquisitions
SBV Communities was formed in 2009 to singularly focus on the acquisition and management of multi-family real estate properties. The company builds long-term value for investors by focusing on lender-owned, B & C apartment complexes with strong value-add potential. SBV Communities' portfolio includes properties in twelve primary and secondary markets spread across the United States.
About Spectrum Business Ventures, Inc.
Founded in 2002, Spectrum Business Ventures, Inc. is a private investment firm based in Kansas City, Missouri providing family offices, high net worth and institutional investors unique, complex and compelling business opportunities to build long-term value at low risk. The company owns and operates more than 100 entities in the United States, Central America and Europe with a total enterprise value of more than $1 billion.
SOURCE Spectrum Business Ventures, Inc.