$100 million student housing project planned near UA

A 272-unit student housing project near the University of Arkansas is expected to open in August 2027, according to a Monday (June 2) news release. A commercial building permit valued at $97.19 million is pending with the city of Fayetteville.

The seven-story, 532,300-square-foot Verve Fayetteville will be built at 707 W. Treadwell St., at the site of 40-unit Summit Terrace and adjacent lots. The property is south of the 228-unit Atmosphere and west of the 96-unit Eco Modern Flats.

Subtext, a St. Louis-based real estate company, is developing the project in partnership with FrontRange Capital and Kayne Anderson Real Estate. Kayne Anderson Real Estate is part of Los Angeles-based Kayne Anderson, a $38 billion investment management firm. Verve Fayetteville is Subtext’s first Arkansas project.

“Expanding into Arkansas is a natural evolution of Subtext’s mission to shape exceptional living environments across the country,” said Brandt Stiles, founding partner at Subtext. “Verve Fayetteville brings together inspired design, wellness-focused spaces, and meaningful resident experiences – all in a location deeply connected to campus life.”

Sooieville Properties KP7 LLC, whose vice president is John Wain, paid a combined $8.77 million for the property and adjacent lots in separate transactions. Wain is chief financial officer, real estate, at Kayne Anderson in Boca Raton, Fla. The sellers were Missouri-based Kerr Investment Co., whose president is Katherine K. Faught; Bentonville-based 98 Duncan LLC, whose registered agent is Marcus Necessary; and Fayetteville-based Brawner Real Estate LLC, owned by Kim R. Brawner. Demolition permits for the property and adjacent lots are pending with the city of Fayetteville.

Verve Fayetteville will have 845 beds in its 272 units, with one- to four-bedroom layouts. It will feature 33,000 square feet of indoor and outdoor amenity spaces that are designed “to support both academic and overall wellbeing,” the release shows. Amenities include open and private study spaces, coffee café, sports simulator, fire pits, and pool and hot tub. A fitness and wellness center will have cardio, weights, yoga, sauna and private wellness rooms.

“We are thrilled to enter the Fayetteville market with our trusted partners at Subtext,” said Ken Carl, senior managing director at Kayne Anderson Real Estate. “The University of Arkansas is a growing institution with compelling supply and demand dynamics, and we look forward to delivering a best-in-class property in a highly walkable, pedestrian location that will enhance the student living experience.”

Project partners include Kennedy Wilson as lender, Brinkmann Constructors as general contractor, Modus Studio as architect, and Vida Design for interiors. Other contributors include AJC Design Group (landscape architecture), Viewtech (structural engineering), McClelland Consulting Engineers Inc. (civil) and ENGR3 (MEP).

John Rowland and Steve Lane of Colliers Arkansas were the brokers on the sale of the Verve Fayetteville development site.