3 Rogers multifamily developments sell for $163 million

Three multifamily developments in Rogers comprising 845 units recently changed hands in separate transactions totaling $163.39 million. The combined purchase price equals $193,367 per unit.

An affiliate of Kirkland, Wash.-based Weidner Apartment Homes, whose founder and chairman is Dean Weidner, bought the gated 396-unit The Palisades at Pleasant Crossing on 19.35 acres at 2901 S. 26th Place, northeast of Interstate 49 and Pleasant Grove Road, for $74 million. The purchase price equals $186,868 per unit.

The seller was an affiliate of Dallas real estate firm Lurin, whose founder, CEO and general partner is Jon P. Venetos. Berkeley Point Capital LLC, a real estate financing, capital investment services and loan servicing brand of New York-based commercial real estate firm Newmark, provided a five-year loan of $50.92 million.

Built in 2017, three-story The Palisades at Pleasant Crossing offers one- to three-bedroom units ranging from 713 to 1,197 square feet. Amenities include a dog park, clubhouse, pool, fire pits, fitness center, disc golf and garages. Lurin paid Conway-based Engage Management $71.75 million for the property in December 2021.

The Junction
Through a Rogers-based limited liability company, Gurmeet Singh Josan bought 228-unit The Junction at Rogers on 9.67 acres at 700 N. 40th St., northeast of I-49 and Walnut Street and adjacent to the Scottsdale Center, for $47.5 million. The purchase price equals $208,333 per unit.

The seller was an affiliate of St. Louis-based commercial real estate development company Mia Rose Holdings, whose founder and president is Tom Kaiman. First National Bank of Fort Smith provided a five-year loan of $31 million.

Built in 2024, three-story The Junction at Rogers includes one- and two-bedroom units ranging from 751 to 1,109 square feet. Amenities comprise heated saltwater pool, two fitness centers, clubhouse, co-working lounge and covered parking. Mia Rose paid Rogers-based Tallgrass Development $2.2 million for the land in June 2022.

Pinnacle Groves
An affiliate of Toledo, Ohio-based Welltower Inc., whose CEO is Shankh Mitra, bought the gated 221-unit Pinnacle Groves Senior Living on 18 acres at 5522 W. Northgate Road, adjacent to the gated Pinnacle Country Club community, for $41.89 million. The purchase price equals $189,572 per unit. Welltower is a real estate investment trust that invests in seniors housing, post-acute providers and health systems.

The seller was an affiliate of Dallas-based Abby Development and Construction, whose founder and CEO is Brian K. Clarke. Abby develops and manages senior living and multifamily communities. City Title & Closing was the title agent.

Built in 2023, four-story Pinnacle Groves Senior Living includes 109 units of independent living, 22 units of independent living cottages, and 90 units of assisted living and memory care. Units range from one- to three-bedrooms, ranging from 325 to 1,565 square feet. Amenities include three movie theaters, three hair salons, indoor pool, three dining rooms, cafés with an espresso machine and two bars.

Abby paid Whitaker family affiliate Whitpin Properties $4.33 million for the land in April 2017.