$22M Raised for Centerton Luxury Apartments


$22M Raised for Centerton Luxury Apartments
Watercolors of Centerton is a 376-unit apartment complex now under construction about 5 miles from Walmart’s 350-acre campus in Bentonville. (Google Maps)

Did you know that $22 million was recently raised for a luxury apartment complex in Centerton (Benton County)?

Centerton 376 LLC of Centerton raised the money from 37 investors, according to its filing last month with the U.S. Securities & Exchange Commission.

Centerton 376 is under contract to buy all three phases of the Watercolors of Centerton, a 376-unit apartment complex that is about 5 miles from Walmart’s 350-acre campus in Bentonville now under construction. The campus is expected to open in phases through 2025. 

Centerton 376 closed on the first two phases this month, which account for 232 units. The remaining 144 units are under construction and should be completed by the summer, said Ben Fraser, chief investment officer of Aspen Funds of Overland Park, Kansas. Aspen Funds is one of the managing members of the LLC. When those units are complete, the LLC will then buy those. 

The Benton County Assessor’s Office listed the property’s previous owner as Canark Diamond Realty-Greenhouse LLC of Springdale. 

“It’s nearly fully occupied for the first two phases,” Fraser said of the apartment complex, which has one- and two-bedroom units. There’s a “great demand for that type of property.” 

Watercolors’ upscale amenities include a golf simulator, swimming pool, fitness center and business center. 

Fraser said it wasn’t difficult raising money for the project. “Multifamily investing has always been a very proven asset class,” he said. And there’s a “very strong demand” for housing in that market, which has witnessed population and job growth.