Fayetteville student apartments sell for $75 million

by Jeff Della Rosa ([email protected]) 2,235 views 

A 228-unit student apartment complex near the University of Arkansas in Fayetteville recently changed hands for $75.31 million. The purchase price equals $330,333 per unit.

Rye, N.Y.-based Timberline Real Estate Ventures, whose founding principal is Andrew Stark, bought the 840-bed Hill Place Apartments at 754 S. Royal Oak Parkway.

Timberline Real Estate Ventures is a real estate operator and investment manager that has completed more than $3.5 billion in transactions since 2012. Its owned affiliate B.Hom Student Living is the property manager.

The seller was Denver-based Cardinal Group Management. Cardinal Group transferred its original $50.79 million loan to the buyer. The lender is Deutsche Bank National Trust Co., as trustee for the registered holders of Banc of America Merrill Lynch Commercial Mortgage Inc.

Built in 2009, the 315,920-square-foot development, spanning more than 25 acres, comprises 17 buildings, ranging from one to three stories tall. Units are one-, two- and four-bedrooms. Amenities include pool, fitness center and clubhouse. The development will soon be renovated, according to its website.

Cardinal Group paid $53.33 million for the apartment complex in February 2017. The seller was Blue Vista Capital Management LLC, a private equity real estate investment management firm in Chicago.