AR Community Changes Hands
- Sep 25, 2018
Specialized Real Estate Group has sold a 308-unit, Class A apartment community in Fayetteville, Ark., to Sun Holdings Group. HFF marketed the property exclusively on behalf of the seller, and additionally worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program.
Uptown Fayetteville Apartments+Shops was completed in 2017 and is a mix of studio and one- and two-bedroom units averaging 828 square feet each. Included in the property is 17,000 square feet of ground-floor retail space.
The property consists of eight buildings situated on 14 acres at 3959 N. Steele Blvd., approximately four miles north of downtown Fayetteville and the University of Arkansas. The apartment community is within five miles of major retail and entertainment destinations including Northwest Arkansas Mall, Walmart Arkansas Music Pavilion and the Walton Arts Center. Amenities at the LEED-certified community include:
- heated saltwater pool
- outdoor gathering space with fire pit
- community garden
- landscaped roof deck
- outdoor kitchen with grilling areas
- fitness center
- covered parking
The HFF investment advisory team representing the seller included director Steven Hahn, Jr., senior managing director Roberto Casas and senior director Greg Toro. HFF’s debt placement team representing the borrower included senior managing director Brian Carlton.
In February, AndMark Management Co. partnered with Trinity Multifamily in the acquisition of three Arkansan multifamily properties, one of which was located at 1140 W. Cato Springs Road in Fayetteville.
Image courtesy of HFF