A student apartment complex in Fayetteville sold for $72.25 million to an investment partnership.
Strategic Asset Management of Irvine, California, and Virtus Real Estate Capital of Austin, Texas, acquired the YOUnion apartments on West Watson Street in downtown Fayetteville. The apartment complex has 198 units and 589 beds and sits on 2.3 acres.
“Our YOUnion Student Living brand represents best-in-class student housing owned and operated communities nationally,” said SAM CEO Michael Schwartz. “We are pleased to partner with Virtus, an experienced investor in the student housing sector, and look forward to a long-term, mutually beneficial relationship.”
SAM and Virtus purchased the property from a subsidiary of Strategic Student & Senior Housing Trust Inc., a real estate investment trust affiliated with SAM. It had acquired the property for $57 million in 2017.
First Citizens Bank & Trust Co. of New York City provided a loan of $46.3 million.
Marriott Courtyard
A Fayetteville hotel sold for $16.7 million to a Rogers investor.
CFH Group LLC, led by Arun and Vasu Chawla, bought the Courtyard by Marriott on Van Asche Drive. The hotel has 114 rooms totaling 72,162 SF and sits on 3.3 acres.
Stabilis Lending of New York City provided a loan of $14.4 million.
The seller was B&T Arkansas Hotel I LLC, led by Richard Bozzelli. He is CEO of Ball Ventures of Idaho Falls, Idaho.
Ball Ventures acquired the property for $13.5 million in 2014.
Howse Furniture
A 23,612-SF commercial property in Rogers sold for $4.875 million.
Matt Sitton and Benjamin Butler, through their 2530 Pinnacle Hills LLC, bought the property on Pinnacle Hills Parkway. It sits on nearly 2 acres.
Legacy National Bank provided a loan of $3.96 million.
The seller was Howse Retail LLC, led by Jay Howard. Howard acquired the property for $3.4 million in 2022 and the location served as his Howse Furniture showroom.
Howard founded I.O. Metro, a furniture store, before leaving the company in 2012 and starting Howse Furniture in 2015.
Springdale Dollar Tree
A Fayetteville investor paid $1.78 million for a Dollar Tree location in Springdale.
HIMM Investments LLC, led by Matthew Imhoff, bought the 10,032-SF property on Butterfield Coach Road. The property sits on slightly less than 1.3 acres.
Arvest Bank provided a loan of $1.25 million.
The seller was DPG Single Tenant Arkansas LLC, led by Scott Delaney of Mobile, Alabama. Delaney is the head of Delaney Property Management.
Delaney acquired the property for $526,000 in 2022.
Lowell Industrial Complex
A Tulsa investor paid nearly $2.6 million for an industrial complex in Lowell.
Lanny Gridley, through his TLS Group Inc., bought the 10-acre property on Frisco Cemetery Road. The property includes a 15,000-SF manufacturing facility, an office, warehouse and service garage.
Gridley is the head of Sherwood Construction Co. in Tulsa.
The seller was Timothy Dobson, who acquired the property for $852,000 in 2017. Dobson is a manager with the Machining Center, which was located at the site.
Dickson Street Restaurant
A former restaurant on Dickson Street in downtown Fayetteville sold for $860,000.
Sasnakra LLC, led by Stacey and Brock White of Fayetteville, bought the 6,452-SF building. It was more recently the home of Xuma Kitchen, which closed this past year. Arvest Bank provided a $840,000 loan.
The seller was Leo Drolshagen IV of Fort Smith. Drolshagen acquired the property for $310,000 in 2014.
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