Student Housing
by May 26, 2014 12:00 am 98 views
Four separate land deals have recently closed where a large student housing neighborhood is planned a couple of blocks from the University of Arkansas campus.
Dallas-based Fountain Residential Partners and Specialized Real Estate Group of Fayetteville bought about 16 acres south of Martin Luther King Jr. Boulevard and east of Beechwood Avenue.
Price? $5.27 million.
Sellers included Razorback Road Stadium Complex LLC ($775,000), Beechwood Enterprises LLC ($570,000), Danny and Lana Bunting ($305,000) and Eaton Properties LLC ($3.62 million).
The deal was funded by a construction mortgage held by American Bank of Texas in the amount of $29.16 million.
The area currently is occupied by several warehouses and industrial buildings, just east of the University House student housing development.
Seth Mims, CEO of SREG, tells us groundbreaking for Idyll Village, a 1,100-bedroom project, is planned for June and the first phase, 670 beds, should be ready for UA students by August 2015.