Higdon Ferry

Higdon Ferry is a 139-unit property in Hot Springs, Arkansas, directly adjacent to Oaklawn Racing Casino Resort. Hot Springs' major employers are Oaklawn Racing Casino Resort, National Park Medical Center, and CHI St. Vincent, anchoring a metro employment base of roughly 41,000 jobs with little to no new multifamily supply planned in the submarket.

The property is 91.4% physically occupied on the 6/30 rent roll, with 5 of the 12 vacant units already pre-leased, and has held above 90% occupancy for the past five years. Current ownership has completed the major capital plan: new roofs across all 8 buildings, HVAC upgrades, a new boiler installed January 2026 (about $40K), refreshed common areas, and repair of a subsurface water leak that pulled monthly water bills from a $7,500 to $8,900 peak down to a $3,600 to $5,700 run rate since February. An AT&T Fiber agreement is in place with a contracted revenue share.

NOI has climbed from $744K on the OM T-12 to $855K on the T-12 through June, a $111K, 15% lift. Delinquency has been cut in half since late May: $8.4K past due across 12 units on the 6/30 roll, down from about $19K across 20 units, with the top two tenants carrying $3K of the total. Remaining upside sits in the 54 of 139 units (39%) still in Classic or Original condition, the $60 to $70 monthly premiums recent turns are pulling, and in-place rents averaging $872/unit against a comp set at $1,067.

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