Real Deals: Fayetteville student housing sells for $72 million

Irvine, Calif.-based Strategic Asset Management I LLC and an affiliate of Austin, Texas-based Virtus Real Estate Capital have jointly purchased 198-unit student housing development YOUnion at Fayetteville for $72.25 million.

The purchase price equals $364,899 per unit. The seller was Strategic Student & Senior Housing Trust Inc., a real estate investment trust managed by Strategic Asset Management.

“Our YOUnion student living brand represents best-in-class student housing owned and operated communities nationally,” said Michael Schwartz, CEO of Strategic Asset Management. “We are pleased to partner with Virtus, an experienced investor in the student housing sector, and look forward to a long-term, mutually beneficial relationship.”

The 589-bed development, formerly The District, sits on 2.3 acres at 376 W. Watson St., east of the University of Arkansas. Built in 2016, the development comprises one-, two-, three-, and four-bedroom floor plans and is 100% leased for the 2024-2025 academic year. An affiliate of Strategic Asset Management will serve as property manager. City Title & Closing LLC of Fayetteville was the title agent.

In June 2017, the real estate investment trust managed by Strategic Asset Management acquired the development for $57 million. Sterling University Housing of Houston was the previous owner.

Academy Acquisition
An 8.12-acre lot that includes 75,568-square-foot sporting goods store Academy Sports + Outdoors in Rogers recently sold for $10.25 million. The purchase price equals $135 per square foot.

Broadstone Sports Portfolio LLC of Victor, N.Y., bought the property. The company’s secretary is John Callan Jr., who’s senior vice president, general counsel and secretary of Victor-based Broadstone Net Lease Inc.

The seller was Clearview Rogers LLC, led by Charley Pettigrew and Michael Starcher. Pettigrew and Starcher are CEO and president, respectively, of Dallas-based private equity firm Clearview Investments Ltd.

Built in 2010, the building at 3855 S. 26th St. is leased to Katy, Texas-based Academy, which has been the tenant since September 2010. The original 20-year lease can be extended for up to 20 years. In September 2010, Clearview acquired the property for $8.4 million. The seller was Academy.

Lakefront Home
Jonathan Todd Lindsey of Cottontown, Tenn., recently acquired a 6,138-square-foot home on 3.02 acres at Beaver Lake for $2.9 million. The purchase price equals $472 per square foot.
The sellers were Scott and Nancy Klinkerfues. They were represented by Scott Waymire with Berkshire Hathaway Homeservices Solutions.

The buyer was represented by Kerry Taylor with Weichert Realtors – The Griffin Co. in Springdale. Waco Title Co. of Springdale was the title agent.

Built in 2012, the house on Oak Cove Lane has four bedrooms, a whole-house generator, safe room and private dock on Beaver Lake. In May 2015, the Klinkerfues purchased the property for $1.2 million.

Blessings Abode
Former Arkansas Razorbacks basketball coach Eric Musselman’s 8,000-square-foot home in the gated Clear Creek neighborhood near Fayetteville recently changed hands for $2.5 million. The purchase price equals $312 per square foot.

David Lee Nguyen and Hyuna Lee bought the Clear Creek Boulevard property at Blessings Golf Club in Johnson. City Title & Closing LLC of Fayetteville was the title agent.

In April 2019, Musselman purchased the home on 0.86 acres for $1.94 million. The five-bedroom home was built in 2014 by Bentonville homebuilder Nathan Fairchild, and it was designed by Symmetry Architects of Dallas.

Gator Grab
Gator District LLC of Bentonville, whose members include Himageeta Kalluri and Muni Jampana, has picked up 18 lots in the Soaring at Scissortail addition in Cave Springs for $2.04 million.

The seller was Sitka Development LLC of Rogers, whose members include Deborah Garner and Kevin Garner. The 18 sold lots are in the 4400 block of South 88th Street. Realty Title & Closing Services LLC in Rogers was the title agent. Rogers-based Generations Bank provided financing of $2 million.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.