A California real estate group paid $57 million for the Sterling District student housing complex in downtown Fayetteville.
A California real estate group paid $57 million for the Sterling District student housing complex in downtown Fayetteville.
SmartShop Asset Management of Ladera Ranch announced the acquisition on Wednesday.
SmartShop bought the complex, which opened in 2016, through its REIT subsidiary Strategic Student & Senior Housing Trust Inc. from The Dinerstein Cos. of Houston.
The new owners will rename the complex The District.
The District covers 2.3 acres on West Watson Street and has 198 units and 592 beds. It is 95 percent leased for the coming school year.
“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” SmartShop President and CEO H. Michael Schwartz said in a news release.
Schwartz also said Asset Campus Housing of Houston would manage the complex.
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