FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures. Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully furnished by Gus Design Group. Shared amenities include an indoor and outdoor fitness center, resort-style swimming pool, hot tub, lounge and study rooms, a fire pit and grilling station.
MAUMELLE, ARK. — Colliers Mortgage has provided two separate Fannie Mae Loans for the refinancing of Bay Pointe Apartments and Millwood Apartments, two multifamily communities located about 16.6 miles north of Little Rock in Maumelle. Together, the two loans totaled $2.4 million. The borrower(s) for the two refinancing transactions was not disclosed. Built in 1986, Bay Pointe Apartments includes 65 units located throughout four two-story apartment buildings, as well as a one-story residential building. Bay Pointe is located at 400 Valencia Drive and has one- or two-bedroom options. Community amenities include a business center, pool, parking and community room. Located at 200 Millwood Circle, Millwood Apartments was constructed in 1980 and includes 96 units located throughout eight two-story apartment buildings. The apartments include one-, two- and three-bedroom unit options. Community amenities include parking, a business center, community room and a pool. The Fannie Mae loan provided for Bay Pointe Apartments was a little more than $1 million and carries a 15-year term and 30-year amortization schedule. The loan provided for Millwood Apartments totaled $1.4 million. The refinancing loan carried a 15-year term and 30-year amortization schedule.
LITTLE ROCK, ARK. — Cushman & Wakefield has arranged the sale of The Fitzroy Chenal, a 294-unit apartment community in Little Rock. The final price was $63.3 million or $215,306 per unit. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Passco Cos. was the buyer of the property. Estage is in charge of management. Constructed in 2018, the Fitzroy Chenal is located at 15401 Chenal Parkway and was 98 percent occupied as of March. Community amenities include a courtyard with fire pits, dog grooming station, 24-hour health club, garages, late-night concierge service, golf simulator room, cybercafé with java bar, pet park, resort-style pool with spa and hot tub, and a wine/card lounge. Huffman & Co. is a Little Rock-based development, construction and management firm that specializes in multifamily. Based in Irvine, Calif., Passco Cos. is a development and management firm of multifamily and commercial properties throughout the United States.
BENTONVILLE, ARK. AND ATLANTA — Bentonville, Ark.-based Walmart Inc. (NYSE: WMT) and Atlanta-based The Home Depot (NYSE: HD) have both experienced a boost in sales for their fiscal first-quarter earnings of 2021. Home Depot’s earnings were higher than estimates by Wall Street. The home improvement retailer’s net sales increased by 32.7 percent to $37.5 billion, while Wall Street had predicted $34.9 billion. A year ago, the fiscal first-quarter net income for the company was $2.25 billion or $2.08 per share, and this year, it is $4.15 billion or $3.86 per share, higher than what Wall Street expected at $3.08. According to the CNBC, Home Depot’s increase in sales is due to a thriving housing market, despite high prices for lumber and increasing interest rates hindering the sales of newly built houses in recent months. Home Depot reported 447.2 million sales transactions, which was an increase of 19.3 percent from fiscal first-quarter 2020. The retailer also reported that customers are spending on average more money per visit, with the average total receipt price increasing 10.3 percent to $82.37. CNBC reports customers could be spending more money because prices at the store have increased. Walmart Inc. has also generated more sales in …
NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.
SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million. All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way. Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.
SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022. The project includes new construction of one- and two-bedroom apartment units on 13.7 acres. The apartment complex will feature walking trails, three ponds, a resort-inspired pool, 1,300-square-foot fitness center, technology lounge/business center, gated dog park and numerous green spaces with grills and seating. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Single-car garages will be available for 32 residents at an additional fee. Pure Springdale is the first joint venture project between Mia Rose Holdings and ERC Construction Group LLC. Mia Rose Holdings is a St. Louis-based developer, and ERC Construction Group is an Arkansas-based general contractor.
FAYETTEVILLE, ARK. — MAG Capital Partners has acquired a 14,004-square-foot restaurant, brewery and entertainment venue in Fayetteville. The property is operated by JBGB Restaurant and JJ’s Beer Garden & Brewery, and offers an outdoor playground, a stage for live music and a 225-seat dining area. The new ownership plans to immediately break ground on a 10,921-square-foot expansion of the JBGB restaurant and venue. Judd Dunning of DWG Capital Group arranged the sale-leaseback transaction on behalf of MAG Capital Partners. T.J. Lefler with Sage Partners represented the seller, JBGB Restaurant and Brewery. MAG Capital Partners is a private commercial real estate investment firm based in Fort Worth, Texas.
SPRINGDALE, ARK. — Cushman & Wakefield has facilitated the sale of Towne Park at Har-ber, a 237-unit apartment community located in Springdale. Martin Bynum and Craig Hey of Cushman & Wakefield represented the Little Rock-based seller, BSR REIT, in the transaction. Block Funds bought the property for $31.7 million, according to the seller. Constructed in 2016, Towne Park at Har-ber is located at 257 Arborside Road, 68 miles from Fort Smith Regional Airport. Amenities include swimming pool with sun deck, fully equipped fitness center and a community clubhouse.
WYNNE, ARK. — Goldman Investment Advisors has brokered the $4.1 million sale of Handy Rentals, a 96,455-square-foot self-storage property in Wynne. The property spans nine acres and is located at 1306 S. Falls Blvd., 49 miles west of downtown Memphis. Milwaukee-based Bank Five Nine provided acquisition financing to the buyer, Wynne Properties Group. Larry Goldman of Goldman Investment Advisors represented the undisclosed seller in the transaction. Goldman Investment Advisors is an affiliate of Denver-based Argus Self Storage Advisors.