Bentonville's Thrive Apartments Full After One Month

Bentonville's Thrive Apartments Full After One Month
Thrive Apartments in downtown Bentonville.

It didn’t take long for the Thrive Apartments in Bentonville to fill up.

The apartments, a mixed-used complex with 62 units, are at the intersection of Southwest A and Southwest Fourth streets a few blocks off the downtown Bentonville square. ERC Cos. of Barling built the complex through its in-house ERC Construction and it opened June 1.

Thrive, which also has a parking garage and retail spaces, is already full. Most of the units are leased by full-time residents, but the apartments are also popular for hosting business clients.

Ramsay Ball, a principal with Colliers International in Bentonville, is leasing one of the apartments for clients to use when they visit northwest Arkansas.

Ball, who lives in Fayetteville but is building a home in Bentonville, said he has crashed at the place a time or two when business meetings have run late.

ReGina Rotert of Thrive said she has several clients, mostly Wal-Mart suppliers, who have rented apartments for the same use. Rotert said rents for Thrive apartments range from $775 a month to $1,275 a month, and there is a wait list for openings.

Rotert said Thrive has a third-party maid service that is licensed and bonded that renters such as Ball can use to maintain the apartment.

Ball said the apartments have the added benefit of being close to the square, where much economic activity has been focused.

Thrive is also a short walk from Wal-Mart’s home office.

“It’s a great strategic location,” Ball said. “It’s an investment in downtown Bentonville.”

And it beats putting up a deep-pocketed investor in a hotel.

“You never know what kind of payback,” Ball said. “We’ll see if it’s a good business practice or not.”