CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units.
Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.