Real Deals: UA student housing acquisition registers $31.2 million

by Paul Gatling ([email protected]) 728 views 

A 652-bed student housing property near the University of Arkansas in Fayetteville changed hands recently for $31.2 million. The purchase price equals $47,914 per bed.

A joint venture between Atlanta-based Student Quarters and GFH Financial Group, an Islamic investment bank with headquarters in Bahrain, bought The Avenue at 1223 Haven Drive near the Wedington Drive/Garland Avenue intersection. CRP/HCC Fayetteville Owner LLC, a Delaware-registered entity, was the seller.

City Title & Closing was the title agent.

The buyer secured a seven-year, $73 million debt package from Guardian Life Insurance to purchase The Avenue and Vox Tallahassee (602 beds) near Florida State University.

Built in the fall of 2019, The Avenue has two- and four-bedroom floorplans. Community amenities include 507 parking spaces, a fitness center and a swimming pool with cabanas.

Student Quarters is the sixth-largest purchaser of student housing assets in the U.S.

SENIOR MULTIFAMILY
Pinnacle Springs Retirement Community LLC, an affiliate of Nebraska-based Resort Lifestyle Communities (RLC), recently picked up a five-year, $30.1 million construction loan from First National Bank of NWA in Rogers.

The funding is backing a proposed senior multifamily development at 2055 S. Bellview Road in Rogers. RLC paid $3.33 million for the 7.58-acre site in August 2020. The purchase price equals $10.10 per square foot. The site is south of Fish City Grill. Creekside Development LLC was the seller.

Cameron General Contractors, a sister company to RLC, owns the property. The two companies build, own, and manage upscale independent living communities across the country.

According to planning documents filed Oct. 1 with the city of Rogers, RLC is proposing a three-story, 133-unit development with a mixture of one-bedroom (85), two-bedroom (38), three-bedroom (4) and studio (6) designs.

Bowman Consulting Group of Austin, Texas, is the engineer. James Layout Services in Farmington is the surveyor.

CADENCE CLAIM
A commercial investment property in Rogers sold recently for $4.3 million.

TN Prop Co LLC, managed by Robert Bellenfant, bought the 15,293-square-foot building at 3978 S. Concord St. The purchase price equals $282 per square foot. Wilmot Investments LLC, a Nebraska limited liability company managed by Keith Wilmot, was the seller.

Tennessee-based Studio Bank financed the deal with a $3.24 million loan.

Cadence Education LLC, an Arizona-based early childhood education company, will continue to lease the single-story building. It was built on 2.5 acres in 2014 by Little Rock-based Bailey Construction. Cadence Academy Preschool opened March 14, 2016.

Wilmot paid $3.96 million for the property in June 2018.

TOWNSHIP PROPERTY
A 7,071-square-foot retail center in Fayetteville changed hands recently for $2.62 million. The purchase price equals $371.23 per square foot.

Township Plaza LLC, managed by Michael Rapella, bought the 0.46-acre development at 2408 N. College Ave. at the East Township intersection. Homeboy Investments LLC, led by Mike Langford, was the seller.

Southwest Bank of Weatherford in Oklahoma backed the deal with a 20-year loan worth $1.84 million. Alan Cole and Mason Lewis of Colliers Arkansas in Rogers represented the seller. Jay Cohlmia of Newmark Robinson Park in Oklahoma City represented the buyer.

The building is new construction with modern exterior finishes. Tenants include Starbucks and Floyd’s 99 Barbershop.

“This property has been a popular destination in the midtown Fayetteville corridor. Its key location paired with Starbucks as the anchor made it a great investment opportunity,” Cole said in a statement. “The property received multiple qualified offers through the strength of Mason Lewis’ affiliation with the Snyder Carlton National Net Lease Team at Colliers.”

BARRETT BUY
An 8,174-square-foot office building in north Fayetteville sold recently for $850,000. The purchase price equals $103.98 per square foot.

Barrett Family Trust, led by Gerald and Felice Barrett, bought the three-story building at 4241 N. Gabel Drive, south of East Zion Road. J-Ease LLC, led by John Ervin, was the seller.

City Title & Closing was the title agent. Keller Williams Market Pro Realty in Fayetteville was the listing agency.

J-Ease paid $675,000 for the building in February 1999. It was built in 1996.

THORNBURY RESIDENCE
A 4,651-square-foot residence in Phase III of Springdale’s Thornbury neighborhood changed hands for $775,000. The purchase price equals $166.63 per square foot.

Jason and Yasuko Jackson bought the 0.48-acre property on Sagely Lane. Former University of Arkansas Chancellor Joe Steinmetz and his wife, Sandra, were the sellers.

Arvest Bank backed the deal with a 30-year, $620,000 mortgage. Martha Haguewood with Lindsey & Associates represented the seller. Eric Harris with Weichert, Realtors-The Griffin Co. represented the buyer.

Steinmetz paid Justin and Jennifer Sadler $539,000 for the four-bedroom home in November 2018. It’s been partially remodeled recently.

DOWNTOWN DEAL
Property in downtown Rogers changed hands recently for $625,000.

Natural State Beverage Co. LLC, led by Ty and Krista Cloud, bought adjacent parcels totaling a combined 0.37 acres at 201 and 215 S. Arkansas St. Vinson Square LLC, led by Shawn Dible, was the seller.

The First National Bank of Fort Smith backed the deal with a four-year, $650,000 loan. CRD Real Estate & Development of Rogers, led by Hannah Cicioni, brokered the deal. TitleTech (formally PCI Advance Title) handled the closing.

The Clouds own Natural State Beverage Co. and will develop the site for their new business and brand coming to market. 215 South Arkansas has an existing structure that will be redeveloped and retrofitted for the company’s initial production facility and headquarters. 201 South Arkansas is a vacant lot that will be used for future expansion.

CRD will be the construction manager for the property build-out.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.