Champions Club apartments in Fayetteville sell for $23 million

A 76-unit student housing development south of Baum-Walker Stadium in Fayetteville has changed hands in separate deals for a combined $23.3 million. The purchase price equals $306,578 per unit.

Atlanta-based SQ Razorback Road LLC, whose president is Keith Jernigan, bought the Champions Club apartments at 1629 S. Razorback Road. Jernigan is president of Student Quarters, a student housing owner and developer with headquarters in Atlanta and Washington, D.C.

The company has completed more than 54 student housing deals, exceeding 19,700 beds with a total transaction value over $1.8 billion. It has more than $1.5 billion in properties under management, comprising 12,752 beds in 28 cities and on 21 campuses.

The sellers were Wilmette, Ill.-based 232 Champions Club LLC and Fairview TIC LLC, both managed by Aleksandr Kogan. Kogan is president of Ashland Capital, a Chicago-based real estate investment firm specializing in multifamily and student housing.

Built in 2016, the four-story, 108,736-square-foot development has 232 beds and sits on 4.42 acres. Apartments range from two to four bedrooms. Amenities include a fitness center, clubhouse, pool and patio.

Atlanta-based Synovus Bank provided a five-year loan of $15.88 million. In August 2022, 232 Champions paid $11.91 million for the property. The seller was Newtown Square, Pa.-based Marker Champions Club LLC.