290-unit apartment complex in Bentonville to sell for $46 million
by February 27, 2025 10:37 am 2,490 views
A 290-unit multifamily development in southwest Bentonville and north of Northwest Arkansas National Airport will be acquired in a pending transaction worth $46.75 million. The purchase price equals $161,207 per unit.
Dallas-based Elevate Commercial Investment Group will buy Aviator Apartments at 7806 S.W. Aviator Ave., along Arkansas Highway 12 and south of the Benton County Fairgrounds. The seller is New Jersey-based Advanced Precision Group, a multifamily management group. The deal is set to close on April 17, and Elevate is raising capital for the transaction.
Built in phases in 2021 and 2023, the 261,058-square-foot development includes 25 two-story apartment buildings, a clubhouse, pool, fitness center, and dog park. The apartments offer smart-home technology, private balconies, and energy-efficient appliances.
“We are thrilled to bring this investment opportunity to our network,” said Jorge Abreu, co-founder and CEO of Elevate Commercial Investment Group. “Bentonville is experiencing rapid expansion, driven by Walmart’s continued growth and the increasing demand for high-quality housing. With our established presence in Northwest Arkansas, we are confident in our ability to enhance this property’s value while delivering exceptional returns for our investors.”
Elevate plans a seven-year hold and $1.2 million in capital improvements for the property. Improvements include operational efficiencies, smart-home upgrades, bulk internet service, and amenities such as fenced yards and carports. The improvements are expected to “drive rental income growth while maintaining affordability in the market,” according to a news release. “The acquisition will be secured with Fannie Mae fixed-rate agency debt, further solidifying the property’s long-term financial stability.”
In 2023, Elevate entered the Northwest Arkansas market with the $28 million acquisition of Watercolors of Centerton, 6 miles from Aviator Apartments. Brian Wagers, partner and chief investment officer for Elevate, has operated multifamily investments in the area since 2017.
The release shows that “the Aviator Apartments offering presents an attractive investment structure with three equity classes, allowing investors to participate at various levels. With projected average annual returns exceeding 20%, this opportunity aligns with Elevate’s mission to deliver superior returns and long-term value to its investor community.”
According to the online investment site, the minimum investments for the three classes range from $100,000 to $1 million. The class A offering size is $10 million, and the class B and C offering sizes are $2 million.
In 2021, Advanced Precision Group bought the 102-unit Aviator Apartments for $14.1 million after construction of the nine-building development was completed earlier that year. The purchase price was $138,882 per unit.
Fayetteville developers David Fender and Johnny Smith, through their Aria Holdings LLC, were the sellers. Arvest Bank financed the deal with a $9.91 million mortgage. Aria paid $520,000 for the land (5.01 acres) in October 2019. First State Bank was the seller.