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 44,800-person labor force with little to no new multifamily supply planned in the submarket.

The property is 95.7% physically occupied 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 (~$40K), refreshed common areas, and repair of a subsurface water leak that pulled monthly water bills from a $7,500–$8,000 peak down to a $4,500–$5,000 run rate. An AT&T Fiber agreement is live and paying revenue share.

NOI has climbed from $744K on the OM T-12 to $853K on the 5/26/26 T-12 — a $109K, 14.6% lift. Delinquency dropped 32% earlier in the quarter ($20.5K → $14K past due) and has since drifted to ~$19K across 20 units, still range-bound, with two tenants carrying $4,400 of the total. Remaining upside sits in the 60 of 139 units (43%) still in Classic or Original condition and in closing a 9% loss-to-lease on in-place rents.

Available