Missouri developer buys Fayetteville land for apartment project
by June 28, 2023 12:08 pm 2,203 views
This architectural rendering depicts The Junction at Shiloh on North Shiloh Drive west of Interstate 49 in Fayetteville.
Missouri-based commercial real estate development firm Mia Rose Holdings closed a land acquisition Wednesday (June 28) to buy 11.7 acres in Fayetteville for $1 million. The purchase price equals $1.96 per square foot.
Tom Kaiman, Mia Rose’s founding principal, said the land will be developed as The Junction at Shiloh, a 177-unit multifamily development. The site is west of Interstate 49 on North Shiloh Drive, just off the Stephen Carr Memorial Boulevard exit.
Kaiman said construction is scheduled to begin this fall, and the first units will start opening mid-year 2024.
Southern Bank financed the land purchase. 2023 Market Opportunities 1 LLC was the previous owner.
The Fayetteville development will represent Mia Rose’s fifth apartment project in Northwest Arkansas, joining other projects in Springdale (234 units), Lowell (152 units), Rogers (226 units) and Bentonville (200 units) in various stages of development.
Mia Rose sold the Springdale property, Pure Springdale, for $43 million earlier this year.
“Our vision from day one in Northwest Arkansas was to be a helpful and respectful development partner to assist the region in their growth and to provide essential needs like appropriate and affordable housing,” Kaiman said. “The population growth spurred by the leading companies and their families has been super impressive to witness. Their reinvestment in the community is really something special the rest of the nation should be watching.”
The Junction at Shiloh will include the construction of four three-story buildings. Apartment units range from 628 to 1,291 square feet and will consist of studio (12), one-bedroom (118), two-bedroom (35) and three-bedroom (12) floor plans.
The architect is Rosemann & Associates. MEP engineering is provided by The Engenuity Inc. and civil engineering is provided by Crafton Tull.
The MEP contractor is Kimbel Mechanical and the sitework contractor is Oelke Construction.
Asset Living will manage the property.
Kaiman said some amenities would include a resort-inspired pool and pool deck, a fitness center with commercial-grade fitness equipment and a technology lounge/business center with coworking space.