Timberland Partners Expands Multifamily Portfolio
- Mar 19, 2019
Timberland Partners has made a pair of multifamily acquisitions, purchasing the 535-unit Sullivan Square, based in Bentonville, Ark., and the 232-unit Parkway Lakeside in O’Fallon, Ill.
Located at 1102 SW Sullivan Way, the Class A Sullivan Square was originally built in 2018 and features one-, two- and three-bedroom units and townhomes. A unique amenity is its grilling pavilion, allowing residents to barbecue and enjoy the outdoors.
The deal, funded by Timberland Arkansas I, LLC, represents the company’s first entry into the state of Arkansas.
“Northwest Arkansas is a region that has been on our radar for a few years now,” Brad Swenson, Timberland Partners’ acquisitions specialist, told Multi-Housing News. “The growth and the long-term investment to the quality of life in the region are exciting to see. In addition to the great location, Sullivan Square is an attractive, quality-built asset located in an area with strong demographics and a rapidly growing population.”
Expanding in the St. Louis Area
Located at 1100 Boulder Creek Drive, in the St. Louis Metro area, Parkway Lakeside is a Class A property originally built in 2011. The community offers a mix of one- and two-bedroom townhome units and unique amenities such a resort-style saltwater pool and two off-leash dog parks.
The asset marks the company’s fifth acquisition in the St. Louis metro region.
“Parkway Lakeside is architecturally appealing with best-in-class finishes and amenities, with an equally appealing location,” Swenson said. “In addition, as a part of the acquisition, Timberland Partners was able to utilize a favorable HUD Loan assumption with an attractive interest rate and term.”
Each of these opportunities, as many of Timberland Partners’ acquisitions do, came with a story and allowed the company to invest in properties and locations where it was able to provide an outstanding living experience for residents.
According to Swenson, Bentonville is one of the most desirable sub-markets in the MSA and is one of the fastest growing areas in the United States, while O’Fallon is an affluent area and the company feels strongly about the fundamentals of this asset and region long-term.
“The property is less than 3-miles from Wal-Mart headquarters who has played a huge role in the recent growth and the investment made to Bentonville and the surrounding area,” Swenson said. “Furthermore, Parkway Lakeside is located directly adjacent to another Timberland Partners property which creates great economies of scale.”
Timberland Partners currently owns and manages a portfolio of 71 apartment communities totaling 14,509 units in 15 states.
In November, the company acquired The Renaissance at Norman, a 228-unit apartment community in Norman, Okla.
Images courtesy of Timberland Partners