Bentonville apartment complex sells for $16.7 million in all-cash deal
by February 8, 2018 7:57 am 3,714 views
Buyers looking for new homes aren’t the only ones surveying Northwest Arkansas for deals.
In an all-cash purchase, a Connecticut-based private equity firm has invested in Benton County with a $16.7 million multifamily acquisition in Bentonville.
Hamilton Point Investments has acquired the 194-unit Harbin Pointe apartment community, south of the intersection of Southwest Regional Airport Boulevard and Southwest Morning Star Road. The purchase price equals $86,082 per unit.
Brandon Lamb and Tim McKay with ARA Newmark’s office in Tulsa represented Moriah Real Estate Co. of Texas in the sale.
Harbin Pointe is a ‘Class A’ garden-style apartment community made up of 31 buildings on 16.04 acres. Construction was completed in 2007.
The average unit size is 926 square feet, and average lease rate is $789 per month. There are 168 two-bedroom units and 26 one-bedroom units.
The property, which was 95.4% occupied as of last June, appraised last year for $14.76 million.
Lamb said the property’s “cap rate”— a formula based on expected revenue, expenses and property cost that investors use to measure income potential — is just under 6.0%.