Cumberland Square Apartments at 401 N. Cumberland Ave. in Russellville got a new ownership group on Feb. 18 when Everest Investment Properties LLC purchased the property from Cumberland Square Associates LP.
Everest is registered to Anwar A. Bhuiyan of Russellville. Cumberland Square is registered to Sunbelt Development Corp. of Little Rock.
Cole Herget and Justin Bentley of Colliers International Arkansas represented the buyer and the seller in the transaction.
The $1.42 million transaction marks the first deal of Colliers’ new multifamily-specific brokerage services. Herget, who now focuses exclusively on multifamily sector solutions, served as the lead broker.
“Our firm has noticed a significant increase in multifamily transactions across Arkansas over the last few years,” Isaac Smith, president of Colliers Arkansas, said in a statement. “In an effort to take a more active role in this part of our market, Cole Herget has been named our lead multifamily broker and will focus exclusively on this sector. Cole has earned the faith of our entire leadership team in his years as a brokerage associate and we’re excited to watch him excel in this new role.”
The 36,786-square-foot complex on 3.28 acres is located near St. Mary’s Regional Hospital, Arkansas Tech University and numerous retail developments. Built in 1980, the 50 one- and two-bedroom units are spread across 10 buildings.
“This transaction is a win for the new owners of Cumberland Square,” Herget said. “Its close proximity to medical, retail and Arkansas Tech will be a fantastic selling point to new tenants for years to come. It solidifies our goal of combining local expertise and knowledge with Colliers’ global presence to provide a comprehensive solution for the needs of multi-family owners and investors.”