Student Quarters Buys 232-Bed Arkansas Student Housing Asset
The community is located near the University of Arkansas' flagship campus.
Atlanta-based Student Quarters has acquired Champions Club, a 76-unit, 232-bed student housing property near the University of Arkansas in Fayetteville, Ark., for a reported $23.3 million, or $306,578 per unit. It is now the second Fayetteville property owned by Student Quarters.
The price and seller, affiliates of Ashland Capital, were reported by Talk Business & Politics.
The four-story, 108,736-square-foot asset was completed in 2016. In August 2022, Ashland Capital acquired the property from Market Investments for $15 million, according to Yardi Matrix data. The previous owner paid $10 million for the property in 2021, the same source shows.
The property has a mix of two-, three- and four-bedroom apartments averaging 1,313 square feet, each with bed-to-bath parity, in-unit laundry machines and modern finishes. Community amenities include a swimming pool, fitness center, gaming lounge, computer café, outdoor grilling stations and dog park.
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Located at 1629 S. Razorback Road, Champions Club is less than a mile from the University of Arkansas campus and Donald W. Reynolds Razorback Stadium. Numerous dining and entertainment hubs are within walking distance of the community, as well. Fayetteville city center is less than 2.5 miles from the property.
Student Quarters is planning to make operational and experiential upgrades at the property, including adding resident-focused programming and branded touchpoints.
“Our goal is always to deliver a best-in-class living experience in markets where we can make a meaningful impact, and Fayetteville is certainly one of those markets,” Andy Feinour, CEO of Student Quarters, told Multi-Housing News.
Strong market fundamentals
Feinour said that the company is very enthusiastic about the Fayetteville market and the University of Arkansas, which has a record enrollment of 33,616 in fall 2024, up 4.6 percent from the previous school year.
“The university has experienced strong, consistent enrollment growth over the past several years and continues to invest in its campus and programs, which makes it an attractive long-term market for student housing investment,” Feinour said. “Fayetteville itself is a vibrant, growing community with a dynamic mix of students, young professionals and employers, which supports a healthy demand for quality off-campus housing.”
Citing those positive fundamentals, Feinour said the company sees Fayetteville as a market with continued potential and is open to exploring future opportunities to expand its footprint.
Student Quarters also owns The Locale Fayetteville, a 652-bed community located at 1223 Haven Drive.
Student Quarters’ growth
Alongside its Arkansas holdings, Student Quarters owns, and operates $1.1 billion worth of purpose-built, campus-adjacent student housing properties. The company’s current portfolio comprises 34 assets with more than 11,000 beds at 25 campuses across the country such as Georgia Tech, the University of Tennessee and Florida State University.
Last summer, the company acquired University Walk Knoxville, a 177-unit, 526-bed property at 2308 Forest Ave. in Knoxville, Tenn., near the University of Tennessee, Knoxville. Completed in 2014, the property has one-, two-, three- and four-bedroom apartments. Student Quarters is planning $3 million in renovations at the property by the fall 2025 semester.
In September 2024, Student Quarters announced the close and final deployment of its inaugural fund, SQ Student Housing Properties I LP. The value-add fund acquires and manages student housing assets near major U.S. public universities. It had direct and co-investment commitments of $165 million equity from institutional investors, including GFH Partners, a Bahrain-based investment manager and longtime partner of Student Quarters.
