Upscale multifamily asset in Rogers changes owners for $48.4 million
by January 29, 2019 9:50 am 2,283 views
Ranch at Pinnacle Point features 16 residential buildings and a clubhouse on 25-plus acres. It consists of one-, two- and three-bedroom units that range from 650 to 1,350 square feet.
A Chicago-area real estate firm has taken ownership of a multifamily asset in Rogers for $48.4 million.
A subsidiary of Inland Real Estate Investment Corp., based in Oak Brook, Ill., bought the 392-unit Ranch at Pinnacle Point development at 5900 Stoney Brook Road. Inland facilitated the purchase of the property on behalf of Rogers Multifamily DST, one of its 1031 investment programs.
A joint venture between Balfour Beatty Communities of Pennsylvania and Block Multifamily Group of Missouri was the seller.
Parkway Bank & Trust Co. of Illinois backed the deal with a $29.1 million loan.
Inland did not comment on the deal, other than the following statement from Matthew Tice, senior vice president of Inland Real Estate Acquisitions LLC:
“The Ranch at Pinnacle Point was an attractive acquisition due to its ideal location directly on Interstate 49, next to the Pinnacle Hills Promenade, Pinnacle Hills Corporate Park and [John Q. Hammons] Center. The property also provides residents with convenient access to a variety of employers in the area, including Walmart’s new headquarters, Tyson Foods, J.B. Hunt and the University of Arkansas. Ranch at Pinnacle Point’s strong demographics, amenities and value-add potential made this the type of multifamily acquisition we continue to seek.”
Ranch at Pinnacle Point was completed in 2007 and features 16 residential buildings and a clubhouse on 25-plus acres. It consists of one-, two- and three-bedroom units that range from 650 to 1,350 square feet.
The apartment homes boast walk-in closets, washer/dryer connections, fireplaces, a balcony, deck or patio and garage parking.
The property’s occupancy rate the past six months has ranged from 93% to 95%.