Arkansas

Dollar General Plans $140M Distribution Center in North Little Rock, Arkansas

by John Nelson August 11, 2022

NORTH LITTLE ROCK, ARK. — Dollar General, the national discount merchandise retailer, has unveiled plans to develop a new $140 million distribution center in North Little Rock. The Goodlettsville, Tenn.-based company expects construction to begin this fall and wrap up by late 2023. Dollar General announced the project as part of a three-distribution center expansion in Arkansas, Colorado and Oregon that represents a total investment of $480 million. The 1 million-square-foot facility in Arkansas will be serviced by DG Private Fleet, Dollar General’s in-house freight division that launched in 2016 and currently utilizes 950 tractors and drivers. The distribution center will also be a “dual facility,” meaning it will service the traditional Dollar General merchandise as well as the DG Fresh supply chain network. The Northwest Arkansas Democrat Gazette reported that Dollar General bought the 152-acre site, which is located along U.S. Highway 70 and near an Amazon fulfillment center, from Tulip Farms Inc. for $2.4 million. The development team for the project was not released or reported. Dollar General currently employs more than 4,300 Arkansas residents, having opened its first store in the state in 1975 and now operating approximately 500 stores. Management hiring at the industrial facility is …

August 11, 2022

Acquisitions Arkansas Southeast Student Housing

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Acquisitions Arkansas Hospitality Southeast

Mumford Brokers Sale of 98-Room Courtyard by Marriott Hotel in Jonesboro, Arkansas

by John Nelson July 8, 2022

JONESBORO, ARK. — Mumford Co. has brokered the sale of a 98-room Courtyard by Marriott hotel in Jonesboro. An entity doing business as McCain Lodging Jonesboro LLC purchased the hotel from Hunt Properties of Jonesboro LLC. The sales price was not disclosed, but Mumford Co. says the hotel sold for full list price. Steve Kirby, Ed James and George Arvantis of Mumford Co. represented the seller in the transaction, and Arvantis procured the buyer. Built in 2018, the four-story Courtyard by Marriott features meeting space, laundry services, a convenience store, restaurant and a fitness center, according to the property website.

July 8, 2022

Arkansas Development Southeast Student Housing

Landmark Begins Construction on 585-Bed Student Housing Development Near University of Arkansas

by John Nelson July 1, 2022

FAYETTEVILLE, ARK. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus. Located at 1030 Razorback Road in Fayetteville, the community will offer a mix of two- to five-bedroom, fully furnished units in a cottage-style development. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit. The property will also feature 1,000 square feet of ground floor retail space. Athens, Ga.-based Landmark expects to complete the project in fall 2023.

July 1, 2022

Arkansas Development Multifamily Southeast

ERC Holdings, Mia Rose to Develop 152-Unit Pure Lowell Apartment Community in Northwest Arkansas

by John Nelson May 24, 2022

LOWELL, ARK. — Rogers, Ark.-based ERC Holdings and St. Louis -based Mia Rose Holdings have begun development of Pure Lowell, a multifamily community in the northwest Arkansas city of Lowell. The project includes new construction of 152 one- and two-bedroom units visible off I-49 and conveniently located near the corporate headquarters of J.B. Hunt and Mercy Pediatric and Mercy Behavioral Health clinics. Pure Lowell will include 109 one-bedroom units and 43 two-bedroom units spread across 115,000 square feet in 10 three-story buildings. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Community amenities will include walking trails, a resort-inspired pool, clubhouse, bicycle garage, 1,000-square-foot fitness center, technology lounge and business center, a pocket park and numerous greenspace gathering areas. The project team includes architectural firm Sharp Architects Inc., general contractor Pick-It Construction Inc. and property management firm Trinity Multifamily. First National Bank of NWA is providing construction financing for the project, which will break ground immediately. The developers expect to deliver Pure Lowell in the third quarter of 2023. ERC and Mia Rose are also co-developing the 234-unit Pure Springdale community, which is under construction 10 miles away.

May 24, 2022

Acquisitions Arkansas Multifamily Southeast

CLK Properties Buys 324-Unit Apartment Community in Jonesboro, Arkansas

by John Nelson May 3, 2022

JONESBORO, ARK. — CLK Properties has purchased Willow Creek, a 324-unit apartment community located at 6 Willow Creek Lane in Jonesboro. The seller, Montana-based Braxton Development, sold the property to CLK Properties for an undisclosed price. Aaron Jungreis and David Wildes of Rosewood Realty represented both the buyer and the seller in the transaction. Built in 2011 by Braxton Development, Willow Creek features 10 three-story buildings, as well as two resort-style swimming pools, a playground, two modern fitness centers and a clubhouse with a business center. Willow Creek is the second property in Jonesboro for CLK Properties, as the New York City-based firm purchased the 264-unit Landing at Greensborough Village last year. CLK Properties owns more than 19,000 apartments in its portfolio, including 2,300 in Memphis where the firm keeps a regional headquarters.

May 3, 2022

Acquisitions Arkansas Multifamily North Carolina Southeast Student Housing Tennessee

Newmark Brokers Sale of Four-Property Student Housing Portfolio Across Southeast, Illinois

by Julia Sanders March 31, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of a four-property portfolio of mid-rise student housing properties totaling 1,441 beds. The properties are situated adjacent to public universities in the Southeast and Illinois. Ryan Lang, Jack Brett, Ben Harkrider, Tim McKay, Debra Corson, Blake Pera and Dean Smith of Newmark represented the seller, Rael Corp., in the transaction. The sales price and the buyer were not disclosed. The properties include: Gather Illinois, which is located near the University of Illinois at 410 North Lincoln Ave. in Urbana, Ill.; Gather Uptown located near East Carolina University at 400 South Greene St. in Greenville, N.C.; Gather Dickson located near the University of Arkansas at 333 St. Charles Ave. in Fayetteville, Ark.; and Gather Southern located near the University of Memphis at 3655/3695 Southern Ave. in Memphis.

March 31, 2022

Acquisitions Arkansas Hospitality Southeast

MCR Buys 116-Room Homewood Suites by Hilton Hotel in Downtown Little Rock

by Julia Sanders March 10, 2022

LITTLE ROCK, ARK. — MCR, a hotel owner-operator with offices in New York City and Dallas, has bought Homewood Suites by Hilton Little Rock Downtown, a 116-room extended stay property in Little Rock’s downtown district. The seller and sales price were not disclosed. Homewood Suites by Hilton Little Rock Downtown is a six-story hotel that offers studio, one- and two-bedroom suites. Room features include a fully equipped kitchen, refrigerator, microwave, dishwasher and twin burner stove. Hotel amenities include a pool, basketball court, complimentary breakfast, free Wi-Fi, 24-hour business center, a grab-and-go market with snacks and beverages, lobby lounge, covered parking, laundry facilities and 1,058 square feet of event space. Located at 400 River Market Ave., the property is situated 1.2 miles from downtown Little Rock and 5.9 miles from the University of Arkansas. The property is also 7.7 miles from the North Little Rock Municipal Airport.

March 10, 2022

Arkansas Georgia Loans Multifamily Southeast

Grandbridge Secures $113.7M Financing for Three Multifamily Properties in Arkansas, Georgia

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital LLC has secured $113.7 million in financing for three multifamily properties, including The Reserve at Chaffee Crossing in Fort Smith, Ark., and Medlock Woods Apartments and Country Club Apartments in Norcross, Ga. Sunbelt Residential was the borrower for the Medlock Woods and Country Club deals, while the borrower for The Reserve at Chaffee Crossing was Canyon View Capital. The Reserve at Chaffee Crossing is a 438-unit multifamily property that offers one- and two-bedroom floorplans. Grandbridge secured a $43 million acquisition loan with a five-year term, including an initial interest-only period and extension options to accommodate the lease up and stabilization of the property. Medlock Woods is a 246-unit multifamily property that offers one-, two- and three-bedroom floorplans. The borrower received $35.5 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options. Country Club is a 298-unit property that offers one-, two- and three-bedroom floorplans. The borrower received a $35.2 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options.

February 11, 2022

Arkansas Loans Multifamily Southeast

Ready Capital Closes $17.9M Loan for Multifamily Property in Little Rock, Arkansas

by Julia Sanders December 16, 2021

LITTLE ROCK, ARK. — Ready Capital has closed a $17.9 million loan for the acquisition, renovation and stabilization of a 165-unit multifamily property in Little Rock. The name of the property was not disclosed. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common area upgrades. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

December 16, 2021

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