Holt District Homes 

Key Dates

Estimated Closing Date: October 15, 2021
Estimated Construction Completion Date: October 15, 2023

Rendering

Rendering

Existing building awaiting demo

North Little Rock Housing Authority

DETAILS:

North Little Rock, AR
Number of Units: 128
Total Development Cost: $33,850,391
Development Type: Family Preference
Development Partner: Housing Authority of the City of North Little Rock
Project Type: Demolition / New Construction
Construction Jobs: 407
Permanent Jobs: 15

PROJECTED SOURCES:

1st Mortgage: $12,500,000
Equity: $13,826,630
Developer Equity: $2,023,761
PHA Cash Loan: $5,500,000

Total Sources: $33,850,391*

*Final numbers distributed at closing.

PROJECT NARRATIVE:

Holt District Homes is a 128-unit multi-family rental community to be located at 701 West 18th Street, North Little Rock, Arkansas. The new construction units will consist of 46 two-bedrooms, 72 three bedrooms and 10 four-bedrooms. The site will have interior parking with security perimeter fencing and will be available for low to moderate income families. In conjunction with RAD conversion, the Project has been awarded a Commitment to enter a Housing Assistance Payment, (CHAP) for 36 Units at the Silver City Courts site providing rental subsidy to 100% of the units. It is anticipated that 92 newly constructed units will be included in a Project Based Voucher contract through the Housing Authority of the City of North Little Rock with a rent standard of 110% of Fair Market Rent.

Amenities & Upgrades:

  • Microwave

  • Tot Lot

  • Range/Oven

  • Dishwasher

  • Refrigerator w/ Ice Maker

  • Garbage Disposals

  • Washers & Dryers

  • Computer lab and community room

PROJECT PARTNERS

Developer:
BGC Advantage
PHA Housing Authority of the City of North Little Rock

Architect:
Fennell Purifoy

General Contractor:
River City Builders

Management Company:
Envolve

Financial Partners:
Arkansas Development Finance Authority
Citi Community Capital
Redstone Equity Partners

UNIT COUNTS & RENTAL RATES

Holt District Homes (128 Units)

2 Bedroom | Units: 46
Contract Rent: $725-$843

3 Bedroom | Units: 72
Contract Rent: $970-$1,143

4 Bedroom | Units: 10
Contract Rent: $1351