Caisson Capital Partners raising funds for $55M Lowell multifamily project
by February 7, 2023 7:40 am 4,459 views
This rendering depicts Maison 264 at the corner of Arkansas Highway 264 and Bellview Road in Lowell.
Caisson Capital Partners, a Northwest Arkansas real estate investment firm, is bringing to market its first ground-up multifamily project in Lowell.
Managing partner Bo Diamond said the approximately $55 million Maison 264 will include 248 units and “reinvent suburban multifamily” in the region by offering a lifestyle “that will completely outclass nearby apartments.” The unit split is a mixture of 204 apartments and 44 two-story townhomes with attached garages. Average unit size is 833 square feet for apartments and 1,470 square feet for townhomes. All units will be for rent.
The 40-acre site is at the northwest corner of Arkansas Highway 264 and Bellview Road, west of Interstate 49. Caisson Capital acquired the land in March 2022 for $3.5 million ($2.01 per square foot). Simmons Bank in Fayetteville backed the purchase with a one-year, $3.43 million loan.
Diamond said workers expect to break ground this spring and deliver the first units in 12 to 18 months. Caisson is partnering on the project with Fayetteville developers David Fender and Johnny Smith through their Aria Holdings LLC. BSB Design of Iowa is leading the design process and Crafton Tull of Rogers is the civil engineer.
Among numerous high-end amenities, Diamond said Maison 264 will have the largest multifamily fitness facility in Northwest Arkansas.
“We already have $1.2 million invested in the deal and are raising $15.3 million in LP [limited partner] equity,” Diamond said. “We are open to various equity stack compositions and structures and would love to have conversations with funds, family offices and high-net-worth individuals.”
Diamond, Brian Shaw and Scott Audrain started Caisson in 2020 with an investment strategy focused on multifamily assets. The Ridges at Bentonville (formerly Skyridge Estates) was its first acquisition in May 2021 for $8.9 million, backed by over 30 investors from 11 states and the U.K.