Centerton multifamily (232 units) sells for $45.16 million

by Paul Gatling ([email protected]) 4,283 views 

Watercolors of Centerton at 1709 E. Centerton Blvd. in Centerton.

An upscale apartment complex in Benton County sold recently for $45.16 million.

Elevate Den Centerton Multifamily Property Owner LLC bought Phases I and II of Watercolors of Centerton at 1709 E. Centerton Blvd. in Centerton. Can-Ark Diamond Realty, led by Rich Richardson, was the seller. The acquisition includes 232 units, which equals $194,655 per unit.

The deal was financed through an assumable Fanie Mae loan serviced by Bellwether Enterprises.

Dallas-based Elevate Commercial Investment Group, Aspen Funds of Overland Park, Kan., and Walker & Dunlop Inc. of Bethesda, Md. are managing partners in the Elevate LLC. Brian Wagers, a multifamily investor in Rogers, is a partner with Elevate Commercial, whose multifamily investment portfolio includes more than 6,000 units.

The Watercolors property includes one- and two-bedroom floor plans ranging from 795 to 1,144 square feet. Amenities include a year-round golf simulator, swimming pool and clubhouse with business center and conference room.

In September 2016, Richardson paid $2.27 million for the 21-acre property ($2.49 per SF) from a group of investors that included Bob Laman, Roger Boskus and Jim von Gremp.

The property is nearly 100% occupied and Phase III construction with 144 units is underway. Elevate is under contract to acquire those units upon completion and plans on using a local bank for the scheduled closing  in June.