FOR IMMEDIATE RELEASE
Date: 11/26/24
Contact: Jariel Bortnick, jariel@quadpropertygroup.com, (646) 362-3284
Quad Property Group Enters Arkansas Market with Purchase of Governor’s Park in Little Rock
154-unit complex is located in in the Midtown area, a short drive from downtown and the Medical
Corridor
New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm,
has acquired Governor’s Park, a 154-unit value-add apartment community in Little Rock. The
$12,900,000 purchase, which equates to $83,766 per unit, closed on November 26th and represents
the company’s first acquisition in Arkansas. Blake Pera, a Vice Chairman at Newmark and Richard
Cheek, a Partner at The Multifamily Group, represented the seller, a North Carolina-based group that
had owned the property for almost 10 years.
Governor’s Park, located at 7820 W. Capitol Avenue, is situated just north of I-630, 2 miles west of
Little Rock’s dynamic Medical Corridor and 5 miles west of downtown. The complex, which was built
in 1985, contains a mix of 1BR/1BA and 2BR/2BA apartments, all with in-unit washers and dryers. It
also features numerous resident amenities, including a clubhouse, swimming pool and fitness center.
Governor’s Park was 96% occupied at the time of the sale.
Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Governor’s Park was
a compelling opportunity to enter the Arkansas market with the acquisition of a well-located, value-
add property from a long-term owner.
“Governor’s Park has incredible proximity to Little Rock’s major demand drivers, as it is just blocks
from I-630 and within a very short drive to both downtown and the Medical Corridor,” Bortnick said.
Bortnick added that the company plans to enhance and expand the amenity spaces and common
areas at Governor’s Park, to include, among other things, an extensive upgrade of the clubhouse,
fitness center and the building exteriors. Unit renovations are also part of the repositioning plans.
According to Michael Kashan, also a principal at Quad Property Group, the company is pleased to
expand into Arkansas and the Little Rock market.
“We see the state’s continued growth and are excited to enter the Little Rock market,” Kashan said.
“We hope that this acquisition will be the first of many in Arkansas.”
Quad Property Group is a real estate investment firm that specializes in the ownership,
redevelopment and management of multifamily property. The company’s extensive experience and
hands-on, proactive approach to real estate challenges makes the company uniquely suited to add
significant value. For more information, visit the company’s website at
www.quadpropertygroup.com.