Sullivan Square Apartments in Bentonville has been purchased by a Minnesota-based real estate company for $63.6 million.
Timberland Partners, a real estate investment, management, and development firm based in Minneapolis, purchased the 535-unit property at 1102 S.W. Sullivan Way. The purchase price equals $118,878 per unit. The 24.5-acre development is just off I Street across from the Bentonville Municipal Airport.
The sale was backed with a $48 million Fannie Mae loan from Berkadia Commercial Mortgage.
SullivanSquareBentonville LLC, an entity controlled by Orchard Properties of Fayetteville, was the seller.
The 35-building multifamily asset consists of townhomes with and without garages and one-, two- and three-bedroom units with an average unit size of 917 square feet. Construction was completed in two phases over the past two years and the property also includes a clubhouse, fitness center, playground and resort-style swimming pool. The property was 99% occupied at the time of the acquisition.
“We’re really excited about the opportunity to acquire Sullivan Square,” said Matt Fransen, Timberland Partners’ chief investment officer. “Northwest Arkansas has been a region that has been on our radar for a few years now. You can’t help but be excited about the growth of the region and the high quality of life the area provides. Sullivan Square is an attractive asset that provides an outstanding living experience for its residents.
“We’re looking forward to continuing our growth throughout Northwest and central Arkansas.”
Timberland Partners owns and operates 71 apartment communities in 15 states totaling 14,509 units.