After a nearly $2 million renovation project the past two years, the owners of The Quarters on Razorback Road, a 112-unit apartment complex just north of Baum Stadium in Fayetteville, have put the property up for sale.
It is owned by Block Real Estate Services of Kansas City, Mo. the company paid $6.7 million for the 8-acre development — then called Stadium Place Apartments — in November 2015. Block made the purchase in the name of ARK Baseball Investors LLC. Whitley Dunn, in his capacity as a court appointed receiver in the case of First State Bank v. Razorback Road Stadium Complex, was the seller.
Block invested $965,000 on exterior upgrades and $800,000 on upgrading the interior of all first-floor units of the two-story buildings. Under Block’s ownership, rental income of the 168-bed property grew nearly 25% and gross income increased 20% for the year ending November 2017.
Half the units are one-bedroom, one bathroom (760 square feet) and half are two-bedroom, two-bath (950 square feet). Average rent is $805 per month ($0.94 per square foot).
Occupancy as of January 2018 was 99.1%. The development also includes a 5,135-square-foot retail space that is fully leased to The Stadium Shoppe on Razorback. Block also renovated a 2,720-square-foot building on the property that previously housed a Mexican restaurant. It’s now the complex clubhouse, with a leasing office, fitness center and swimming pool.
The property has eight buildings and is being marketed without an asking price by Dallas-based commercial real estate firm Holliday Fenoglio Fowler.