Student Apartments Sell for $31.2M (NWA Real Deals)

A Georgia group specializing in student housing paid $31.2 million for the Avenue apartment complex north of the University of Arkansas in Fayetteville.

The property, which has 652 beds and its own parking garage, has been renamed the Locale Fayetteville by the new ownership group, Student Quarters of Atlanta. Student Quarters bought the complex through its USSH Locale PropCo LLC, led by CEO Andrew Feinour.

Student Quarters said on its website that it owns or operates 37 student housing complexes with more than 9,000 beds on 22 university campuses nationwide. It obtained a $73 million loan from Guardian Life Insurance Co. of America to cover the Fayetteville purchase and the acquisition of a 602-bed complex in Tallahassee, Florida, that has been renamed the Locale Tallahassee.

The seller was Landmark Properties of Athens, Georgia. Landmark Properties also operates the Cottages on Hollywood in Fayetteville.

Springdale Ridge

A New York investment group paid $16.2 million for a 192-unit apartment complex in Springdale.

Olive Tree Holdings, through its 770 S. 40th Street Springdale LLC, bought Springdale Ridge at that address. The complex totals nearly 200,000 SF and sits on 4.6 acres. The seller was Canyon View Capital of Santa Cruz, California, through its Springdale Ridge Property Investors LLC.

Olive Tree assumed a previously held $9 million loan on the property.

Dentist Office

A Los Angeles investor and her brother paid nearly $2.5 million for a dentist office and a surrounding tract of land in west Fayetteville.

Maureen Jennifer Kedes, a professional actress, bought the 5,268-SF office that sits on slightly more than one-half acre. The adjacent tract makes the total land coverage 1 acre.

Kedes bought 80% of the property through her MJK Holdings Fayetteville LLC, while her brother, Dean H. Kedes, bought the remaining 20% through his LHK Holdings Fayetteville LLC. The property is across from the Walmart Supercenter on MLK Jr. Boulevard.

IberiaBank provided a loan of nearly $2 million. The seller was Yancey Properties LLC, led by Tom Yancey and Joel Orr.

Do the Math

An 8,484-SF office complex on Crossover Road in east Fayetteville sold for $2.15 million.

Math Investments LLC, led by Ted and Amanda Herget of Jonesboro, was the buyer. First National Bank in Paragould provided a loan of $1.8 million.

The seller was Century 2000 LLC, led by Robert Armstrong of Fayetteville, who acquired the property for $500,000 in 2006.

Fayetteville Restaurant

An investment team from Little Rock and Los Angeles paid $2.05 million for a fast-food restaurant site north of the University of Arkansas campus.

Henry Jordan of Little Rock, through his 6th & B LLC, and Darren Weinstock of Los Angeles, through his DBJKG LLC, each bought 50% of the 2,395-SF restaurant on N. Lindell Avenue, just off the intersection of North Street and Garland Avenue.

The building is home to NWA Gyros & Grill, which is scheduled to close. The seller was Glen David Wilson of Springdale.

Prairie Grove Apartments

A 10-unit apartment complex in Prairie Grove sold for $1.4 million.

Ridgeline Rentals LLC, led by Matthew Robert and Caleb Daniel Kimbel of Summers (Washington County), bought the property on East Thurman Street. The complex totals more than 15,000 SF.

Generations Banks provided a loan of $1.1 million. The seller was Cove Creek Development LLC, led by Thomas Brady Smith of Prairie Grove.

Shopping Center

A 12,800-SF retail center in Springdale sold for $3.25 million. Trujillo’s Properties LLC, led by Juan and Antonio Trujillo of Rogers, bought the center, anchored by Jose’s restaurant off Interstate 49.

Signature Bank of Arkansas provided a loan of $2.6 million. The seller was PLBTP LLC, led by Brett Hash. Hash acquired the property as land for $400,000 in 2005.