Chicago Group Pays $29M for Student Apartments (NWA Real Deals)

Varsity House Apartments at 1005 S. School Ave. in Fayetteville

The Scion Group of Chicago paid $29 million for the Varsity House student housing complex on South School Avenue in Fayetteville.

Scion bought the property through its SZ Fayetteville Apartments LLC. The acquisition was part of a much larger transaction.

Scion said on its website that it had bought 32 properties during the last three months and now owned and operated 78,000 beds in 34 states.

Varsity House, which was built in 2012, has 633 beds. Scion obtained a $716 million loan for the 32 acquisitions with Morgan Stanley.

The seller was Campus Crest at Fayetteville LLC, a subsidiary of Harrison Street, a real estate investment firm in Chicago.

Harrison Street was as busy as Scion in selling: It said it had sold two of its student housing portfolios, consisting of 37 properties with more than 24,000 beds, for $1.9 billion.

Fayetteville Restaurant

A fast-food restaurant on Martin Luther King Jr. Boulevard in Fayetteville sold for $2.1 million.

GM KB Fayetteville LP of Dallas, a subsidiary of Green Meadow Capital, bought the 2,604-SF restaurant. Green Meadow is led by Brian Waxler and Patrick Hennigan.

Inwood National Bank in Dallas provided a $1.68 million loan.

The seller was CRM Capital Partners LLC, led by Mitchell Massey of Fayetteville.

King Burrito moved into the space in 2020.

It was formerly a Taco Bueno, which closed when the restaurant’s parent company filed for bankruptcy in 2018.

Curtis Street Townhomes

A 16-unit townhome complex on Curtis Avenue in Fayetteville sold for $1.9 million.

Next Gen Equities LLC, led by Kyle Atkins, bought the 18,444-SF complex. Atkins is the co-owner, along with Derek LaFargue, of Arkansas Real Estate Group in Fayetteville.

Century Bank of the Ozarks in Mountain Home provided a loan of $1.52 million. The seller was Twin Juniors LLC of Fayetteville.

The LLC is a partnership among Roger Cunningham, David Savage, Keith Faught and Kevin Faught. It acquired the property for $1.37 million in 2020.

Hill Avenue Townhomes

A complex of 11 townhome units sold for $1.49 million to a Fayetteville investor.

Scott Ventures LLC, led by Corey Scott, bought the complex on South Hill Avenue. Sterling Bank provided a loan of slightly more than $1.2 million.

The seller was Davlind LLC, led by Laura Carver of Fayetteville. Carver acquired the property for $85,000 from Bank of the Ozarks in 2010.

Tire Purchase

A 13,988-SF tire and auto shop on North College Avenue in Fayetteville sold for $1 million. Arkatire Holdings LLC, led by Will Helton, was the buyer of University Auto & Tire.

Helton, a University of Arkansas graduate, is a former executive with Bridgestone and Midas. First State Bank in Russellville provided a loan of $850,000.

The seller was M&A UAT LLC, which is led by Mel and Amie Collier. Mel Collier is the owner of Collier Drug.