SmartStop Asset Management Sponsors $57M Student Housing Sale
Strategic Student & Senior Housing Trust purchased a 592-bed community located near the University of Arkansas. The property was previously known as Sterling District, but its new owner dubbed it "The District."
By Adina Marcut
Strategic Student & Senior Housing Trust acquired The District, a 198-unit student housing property located in Fayetteville, for $57 million. SmartStop Asset Management LLC sponsored the company.
Located at 376 W. Watson St., the community features 592 beds situated near the University of Arkansas. Previously known as Sterling District, the building offers one-, two-, three- and four-bedroom units fully furnished with amenities and energy-efficient appliance packages.
Common area amenities include:
- Spa/hot tub
- Outdoor fire pit and TV lounge
- Covered outdoor kitchen and grills
- 24-hour fitness center
- Computer lab/business center
- Two study rooms
- Expansive pool and courtyard with sound system
- Pool side cabanas
- Game room with pool tables, foosball and free Wi-Fi
- “Bum-a-bike” bicycle sharing program
The community is also pet-friendly and offers a six-story controlled access parking garage.
Steps from school
Located within close proximity to the University of Arkansas, Dickson Street and the Fayetteville Historic Square, The District is just a few blocks away from Arkansas Avenue, Lafayette Street and Interstate 49. The property is near a variety of shopping and dining options such as Dillard’s, J.B. Hunt, Something Urban, Fayettechill, Gearhead and Windstream.
“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” John Strockis, senior vice president of acquisitions of the REIT, said in a statement. “The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”
Video courtesy of The District