Sundance Buys 432-Bed Arkansas Student Community
Located near the University of Central Arkansas, the asset comprises 10 buildings.
Sundance Real Estate has purchased The Edge at Donaghey, a 120-unit, 432-bed student housing community in Conway, Ark., REBusiness Online reported. Huffman & Co. sold the property, according to Yardi Matrix information. Cushman & Wakefield brokered the transaction on behalf of both parties.
The buyer paid $16.6 million for the asset and obtained a $10 million loan from Arvest Bank that matures in April 2027, public records show. The company plans to renovate the community’s amenity package.
The property came online in 2013. A year earlier, Huffman & Co. took out a $9.6 million permanent loan from Simmons Bank, according to Yardi Matrix.
Cushman & Wakefield Executive Managing Director Travis Prince, Senior Associate Victoria Marks and Director Shawn Lubic, along with Managing Director Martin Bynum brokered the deal. Last month, Prince, Marks and Lubic were also part of the team that represented Henssler Capital in the sale of The Haven at Kennesaw, a 148-bedroom asset in Kennesaw, Ga.
The Edge at Donaghey, up close
The community consists of 10 three-story buildings spread across more than 7 acres. Units include two- and four-bedroom layouts, ranging from 950 to 1,450 square feet. The fully furnished apartments feature washers, dryers, walk-in closets and private balconies or patios.
Common-area amenities include a fitness center, fully equipped clubhouse, business center, swimming pool and water volleyball, pool and ping-pong table and a tanning salon. Additionally, The Edge at Donaghey has study rooms, barbecue and picnic areas and almost 180 parking spaces.
The property is at 530 S. Donaghey Ave., adjacent to the University of Central Arkansas campus and 1 mile from the Bear Stadium. Downtown Conway is some 2 miles away, while Conway Towne Center is within 4 miles.
