Real Deals: Arvest backs Fayetteville student housing with $33.7 million loan

Platform QOZB Property-Fayetteville LLC, an affiliate of real estate investment company Platform Ventures of Fairway, Kan., has picked up a $33.7 million mortgage from Fayetteville-chartered Arvest Bank.

The mortgage is backing construction of a new student housing development on Beechwood Avenue in Fayetteville. Platform paid $7 million for the 13.6-acre property, which includes a vacant 175,000-square-foot building. It was most recently occupied by KeyTronicEMS. Roughly 7 acres of the property is undeveloped land. The building will be razed and the entire property redeveloped.

Beechwood III LLC of Kentucky was the seller. Alan W. Cole of Colliers International in Rogers represented the seller.

Platform Ventures is the equity partner of Austin, Texas-based real estate developer Aspen Heights, known as a premier brand in the student housing industry with nearly 40 communities across the U.S. The Beechwood property will be developed as a residential community marketed toward University of Arkansas students. It will include 201 units and 687 beds.

APARTMENT SALE
A 137-unit multifamily property in Fayetteville recently changed hands for $8.3 million. The purchase price equals $60,583 per unit.

South CS Apartments LLC (71% interest) and Mt. Kirby Investments LLC bought the 8.28-acre South Creekside Apartments at 900 N. Leverett Ave. TJ Lefler is the managing member of South CS Apartments. Alan Ribble is the managing member of Mt. Kirby.

Fayetteville Multifamily Apartments LLC of Missouri was the seller.

The deal was financed by a loan administered by the Arkansas Development Finance Authority, assumed by the new owners. Waco Title Co. was the title agent.

The five-building property was built in 1967 and includes one-, two- and three-bedroom units. They range in size from 670 to 880 square feet.

Fayetteville Multifamily paid $8 million for the property in May 2017. ALS Management LLC of North Little Rock was the seller.

COMMERCIAL SALE
A pair of multitenant commercial buildings in Bentonville recently sold in a deal worth $3.65 million.

Arkansas-based ARcare, a healthcare clinic network headquartered in Augusta, bought the buildings at 2803-2805 S.E. Mid Cities Drive. The single-story buildings total 32,000 square feet. The purchase price equals $114.06 per square foot.

Missouri investor Paul Cox, through his Pics Marketing Inc. entity, was the seller.

Alabama-based Regions Bank provided financing with a 10-year loan of $3.1 million. Waco Title Co. of Springdale was the title agent.

Cox paid $3.12 million for the buildings in October 2015. Lake Johnson LLC was the seller.

Tenants include Crybox Private Fitness Studio, Southern Reprographics, Northwest Health, Curvature and Sinomax.

ARcare, led by CEO Steve Collier, operates approximately 50 family health clinics across the state.

EDUCATION FUNDING
Mobius Learning Academy Inc., led by Katie and Nick Bartelt, has picked up a two-year funding agreement worth $2.11 million from Arvest Bank and arranged through James Brookhart.

The funding will back construction of a 7,800-square-foot building on West Pleasant Grove Road in Bentonville for Mobius Learning Academy, an after-school program for K-6 students.

The Bartelts will operate the business. Mobius paid $425,000 for the land (5.35 acres), near the Arkansas Highway 112 intersection. Hiway 112 Partners LLC, led by David Harris, was the seller.