Firm acquires LR’s Park Avenue Lofts

Birmingham, Ala.-based Equity Resources LLC recently bought Little Rock’s Park Avenue Lofts, a 258-unit luxury apartment community in midtown, according to a release from the company. The reported selling price was $36 million.

Equity Resources hired Pegasus Residential to lease and manage the property built by Dallasbased Lang Partners. The building is near the University Avenue and Markham Street intersection. Units range in size from 600-square-foot studio apartments to 1,500-square-foot apartments with two bedrooms.

“Equity Resources has great confidence in the Little Rock market and we expect that our strategy to own high end luxury communities, provide exceptional amenities for the residents, and utilize third party management companies to offer residents outstanding customer service will be well received by the community,” Jack Fiorella, president and chief executive of Equity Resources, said in the release.