Apartments Near Wilson Park in Fayetteville Sold For $1.28 Million
by August 26, 2015 3:50 pm 249 views
Fayetteville-based firm Specialized Real Estate Group has added another multifamily asset to its portfolio with the purchase of the Wilson Park Apartments.
SREG recently closed on the 20-unit development for $1.28 million, a purchase price of $64,375 per unit. The property is immediately east of Wilson Park on North Park Avenue.
Bear State Bank in Fayetteville provided financing for the acquisition.
“We couldn’t pass up the opportunity to purchase these historic apartments in the most attractive location in town,” SREG vice president Corey Runnells said. “This is a stable investment, and we intend to hold and operate the property for a long time. We will be making upgrades to the property over the life of the investment.”
The three-building development, which is fully occupied, surrounds a courtyard and has an on-site community garden.
It features 16 one-bedroom/one-bathroom units that are 546 SF and four two-bedroom/two-bathroom units that are 643 SF.
W-One Investments LLC, managed by Timothy W. Cooper, was the seller.