The Pointe Bentonville Apartments sell for $104 million

A 452-unit multifamily development southeast of Arkansas highways 112 and 12 in southwest Bentonville recently changed hands after a transaction worth $104.5 million. The purchase price equals $231,194 per unit.

Richmond Hill, Canada-based VR Bentonville Limited Partnership, whose organizer is Andrew Stewart, bought The Pointe Bentonville Apartments at 3800 S.W. Richsmith Road. Stewart is chairman, co-founder and director of Venterra Realty Management Co., which has offices in Houston and Toronto.

Venterra develops, owns and manages apartments in 21 U.S. cities and oversees a portfolio valued at about $5.5 billion with total revenue of $375 million.

The sellers were The Pointe at Bentonville LLC, whose sole member is Arby Smith of North Little Rock, and DLN Holdings LLC and KOLP Holdings LLC, both managed by Danielle Litaker-Nall of North Little Rock.

Built in phases starting in 2016, the 21.62-acre development includes 19 two- and three-story apartment buildings, an 11,948-square-foot clubhouse, theater room, gaming and billiards lounge, fitness center, dog park, co-working space and pool. The apartments comprise one, two and three bedrooms.

Fannie Mae loans totaling $57.91 million were transferred to the buyer. The loans become due by April 2028 and April 2029.

In May 2015, The Pointe at Bentonville bought the initial lot for the development for $814,000. Bentonville 12 LTD, led by Jim Williams Jr., was the seller. In August 2016, The Pointe at Bentonville acquired additional property there from Bentonville 12 for $926,000.