Weidner buys upscale Ranch at Pinnacle Point apartments for $63 million

A three-story, 392-unit multifamily development in the Pinnacle Hills area of Rogers recently changed hands for $63.2 million.

Weidner Apartments Homes, a Kirkland, Wash.-based multifamily operator and developer, bought the gated Ranch at Pinnacle Point apartments on 25.3 acres at 5900 W. Stoney Brook Road. The purchase price equals $161,224 per unit.

The seller was a subsidiary of Inland Real Estate Investment Corp., based in Oak Brook, Ill. It completed the transaction on behalf of Rogers Multifamily DST, one of its 1031 investment programs. Berkeley Point Capital LLC, doing business as Newmark, provided a seven-year loan of $40.4 million. Newmark is a New York-based commercial real estate advisory and services firm.

Ranch at Pinnacle Point was completed in 2007 and comprises 16 residential buildings and a clubhouse. It consists of one-, two- and three-bedroom units that range from 650 to 1,350 square feet. The apartment homes feature a balcony, deck or patio; fireplaces; washers and dryers; garage parking; garden tubs; and walk-in closets. Amenities include a billiards room, dog park, fitness center, swimming pool, sand volleyball court and theater.

According to Weidner Apartment Homes, about 30% of the units have been renovated.

The Inland subsidiary paid $48.42 million for the property in January 2019. A joint venture between Balfour Beatty Communities of Pennsylvania and Block Multifamily Group of Missouri was the seller.

Weidner Apartment Homes is the sole owner and manager of the property and owns four other multifamily properties in Northwest Arkansas, including 194-unit Harbin Pointe Apartment Homes in Bentonville, 264-unit Highland Park Apartments in Springdale, and 396-unit Palisades at Pleasant Crossing and 337-unit 49 West, both in Rogers.

The company owns multifamily properties in 14 U.S. states and four provinces in Canada.