Los Angeles Investor Pays $7.53 Million for Bentonville Apartments

A Los Angeles-based real estate investment and advisory firm continues to make a push into the local market with its third multifamily acquisition in three months.

AndMark Investment Advisers LLC has taken ownership of the 120-unit Flagstone Creek Apartments in Bentonville, just off Arkansas Highway 12 across from the Walmart Distribution Center.

The purchase price was $7.53 million, which equates to $62,816 per unit.

Capital Assets Inc., a property management company in Tulsa, was the previous owner. The 12-building complex was built on approximately 10 acres in 2006. The property is 100-percent leased.

Earlier this summer, AndMark bought the 56-unit Casa Maria at Post Road development at 800 E. Post Road in Rogers, just off Old Wire Road, for $3.06 million.

In August, the company closed on a $3.01 million purchase of the 103-unit Black Oak Apartments at 608 Black Oak Ave., east of South Thompson Street near the Don Tyson Parkway intersection.

Mark Mosch, a principal of AndMark, said all three properties are part of the first round of acquisitions of AndMark Investment Fund 1, which opened in May.

“We still have some equity left and are still looking for one more medium-sized building in the region,” he said.