John Schmelzle of Rogers and Brooks Norris of Fort Smith are partnering to develop a 128-unit multifamily project in Rogers.
It’s called The Frisco-Apartments on Walnut and is situated at 1603 W. Walnut St. Schmelzle said ground will be broken in August with a targeted completion date of spring 2018.
Financing has been arranged through Chris Jones at First National Bank of NWA.
Multifamily vacancy rates remain low throughout the region according to the latest Skyline Report, issued in April. The overall vacancy rate for the multifamily market during the second half of 2016 was 3.2%, up from 2.4% in the first half of the year. The vacancy rate in Rogers in Rogers stood at 2.7% at the end of 2016.
The Skyline Report tracks 336,159 multifamily units in 735 multifamily properties across Northwest Arkansas.
“There is definitely still a question of how many apartment units this market can absorb at once,” Schmelzle said. “That said, we identified demand for updated housing at specific price points on the eastern side of [Rogers] which has been largely ignored by developers over the years. We have an attractive basis in our land, and this project will fill some of that demand nicely.”
The development will have a gated entry and feature one-, two- and three-bedroom floor plans, ranging in size from 650 to 1,100 square feet. Lease rates will be between $650 and $950 per month. The property will also include a clubhouse, swimming pool and dog park.
The land — two parcels totaling 8.06 acres — was acquired last year for $850,000, a purchase price of $2.42 per square foot. Forrest Pointe LLC, managed by Dave Pinson, was the seller.
A vacant nursing home development known as Brighton House Care Center will be razed to make way for the apartment complex.