BSR Trust Enters Northwest AR Market
The company purchased Mountain Ranch Apartments, a 360-unit community in Fayetteville.
Fayetteville, Ark.—Little Rock, Ark.-based BSR Trust recently completed the acquisition of Mountain Ranch Apartments in Fayetteville, Ark. The purchase marks BSR’s official entry into the Northwest Arkansas market. Mountain Ranch adds to the list of multifamily housing properties owned and managed by BSR Trust throughout Texas, Louisiana, Oklahoma, Arkansas and Mississippi.
Located at 549 North Coral Canyon Loop, the community sits on 15 acres across Interstate 49 from the University of Arkansas campus in the heart of Fayetteville. Built in 2009, Mountain Ranch features 360 units in a mix of one-, two- and three-bedroom apartments. Each unit includes an open kitchen, a living and dining area, as well as a private patio or balcony. Amenities include a swimming pool, a private movie theater, a fitness center and a media room. Ranging from 801 to 1265 square feet, apartments in the four-story buildings are currently rented for sums between $714 and $1,285.
“BSR has focused our acquisition growth outside the state of Arkansas in recent years. However, the economic growth story in Northwest Arkansas is impossible to ignore. Further, BSR’s corporate offices along with a large chunk of our operating personnel are based in Arkansas. As a result, it makes good business sense for BSR to expand our Arkansas presence at this time,” said Daniel Oberste, CIO of BSR Trust, in prepared remarks.
Currently, BSR owns and manages 10 other properties within the state of Arkansas and the new acquisition expands the company’s portfolio to 9,200 units.
Images courtesy of Mountain Ranch Apartments website