Bentonville apartment complex sold for $12.25M

by Paul Gatling ([email protected]) 5,034 views 

The Ridges at Bentonville

A Northwest Arkansas real estate investment firm has closed its first successful exit.

Caisson Capital Partners of Fayetteville sold the 96-unit The Ridges at Bentonville (formerly Skyridge Estates) in Bentonville for $12.25 million. The purchase price equals $127,604 per unit.

Tribune Capital, an Oklahoma City, Okla.-based private equity firm, now owns the property on Highway 12 near the Benton County Fairgrounds.

“This was an outstanding first exit for Caisson Capital Partners and our investors,” Caisson Capital Partners co-founder and managing partner Bo Diamond said. “We sold this asset opportunistically because we had outperformed our five-year pro forma in under two years. The gross deal multiple was 1.85x in just 20 months. That translates into an internal rate of return (IRR) of 48% — a home run for everyone involved in the transaction.”

Tribune Capital acquired the property through Fannie Mae debt financing provided by Arbor Commercial Real Estate. City Title & Closing of Fayetteville was the title agent.

Caisson Capital paid Skyridge Estates LLC, managed by Doug and Vonda Boggs of Edmond, Okla., $8.9 million ($92,708 per unit) for the 3.8-acre property in May 2021. In addition to a rebrand, the company completed $528,000 worth of interior and exterior renovations.

The apartment complex was built in 2006. It contains eight two-story buildings with 12 units each.

Diamond, Brian Shaw and Scott Audrain are Caisson Capital Partners’ co-founders.