Springdale apartment complex trades for $43M
by June 11, 2023 9:02 am 1,583 views
Pure Springdale includes 163 one-bedroom units and 71 two-bedroom units spread across 16 three-story buildings.
Minnesota-based Timberland Partners Investments has acquired Pure Springdale, a 234-unit newly constructed apartment community in Springdale. According to Washington County property records, the deal was worth $43 million.
The new owners have renamed the 13-acre property The Bowie.
Missouri-based commercial real estate development firm Mia Rose Holdings was the previous owner. Construction was completed late last year. Mia Rose has other multifamily developments under construction in Lowell and Rogers with a combined 378 units and recently completed a $6.5 million land purchase of approximately 54 acres south of Southwest Regional Airport Boulevard in Bentonville. That property is situated between Nomad and Mill Dam roads.
“Mia Rose Holdings is proud of the recent sale of Pure Springdale,” said Tom Kaiman, the founding principal of Mia Rose Holdings. “We are attracted to the phenomenal job and population growth in Northwest Arkansas. This property and location checked all the boxes of the growth we look for in ground-up development.
“This is our second sale to Timberland Partners, and we look forward to expanding that relationship along with executing additional multifamily housing development in Northwest Arkansas.”
The Bowie offers one- and two-bedroom craftsman-style apartments with fully equipped kitchens, 9-foot ceilings, stainless steel appliances, washer/dryer in all units and tile backsplash.
Common area amenities include a fitness center, outdoor pool, BBQ areas and private office space/work-from-home areas.
The Bowie is still in the initial lease-up phase and will continue the process with Timberland.
Brad Swenson, acquisition specialist for Timberland, expressed excitement about the Northwest Arkansas market and mentioned The Bowie’s location near Interstate 49, Arvest Ballpark and Arkansas Children’s Northwest Hospital.
“The NWA market has been on a tear, and it has been fun to be a part of since we entered the market in 2019,” he said. “I’m excited to see what’s next in the NWA growth story.”
Timberland owns and manages a portfolio of 93 communities in 17 states with over 20,000 apartment units.