An apartment complex in Bentonville to sell for $46 million
290-unit apartment complex in Bentonville to sell for $46 millionw post
Get ready for some exciting news! A 290-unit multifamily development in southwest Bentonville, just north of Northwest Arkansas National Airport, is up for grabs. It’s a pending transaction worth a whopping $46.75 million, which means each unit will cost a cool $161,207.
Dallas-based Elevate Commercial Investment Group is the lucky buyer of Aviator Apartments at 7806 S.W. Aviator Ave., along Arkansas Highway 12, and just south of the Benton County Fairgrounds. The seller is Advanced Precision Group, a multifamily management group from New Jersey. The deal is set to close on April 17, and Elevate is busy raising capital for this exciting venture.
Built in phases in 2021 and 2023, this 261,058-square-foot development is a real gem. It features 25 two-story apartment buildings, a clubhouse, a pool, a fitness center, and even a dog park! And guess what? The apartments come with all the latest smart-home technology, private balconies, and energy-efficient appliances.
Jorge Abreu, the co-founder and CEO of Elevate Commercial Investment Group, couldn’t contain their excitement. They’re thrilled to bring this investment opportunity to their network. Bentonville is experiencing rapid growth, thanks in part to Walmart’s continued success and the increasing demand for high-quality housing. With their strong presence in Northwest Arkansas, Elevate is confident in their ability to enhance the property’s value and deliver exceptional returns for their investors.
Elevate plans to invest $1.2 million in improvements for the Aviator Apartments in Northwest Arkansas. These improvements include making the place more efficient, adding smart-home features, getting bulk internet service, and adding amenities like fenced yards and carports. The improvements should boost rental income while keeping the prices affordable, according to a news release. Elevate secured the deal with Fannie Mae fixed-rate agency debt, which will make the property more financially stable in the long run.
In 2023, Elevate bought Watercolors of Centerton, a property worth $28 million, in Northwest Arkansas. Brian Wagers, a partner and chief investment officer at Elevate, has been involved in multifamily investments in the area since 2017.
The news release says that the Aviator Apartments offer an attractive investment structure with three different investment levels. Investors can participate at different levels based on their investment amount. With projected average annual returns of over 20%, this opportunity fits well with Elevate’s goal of providing superior returns and long-term value to its investors.
According to the online investment site, the minimum investments for the three classes range from $100,000 to $1 million. The class A offering size is $10 million, and the class B and C offering sizes are $2 million.
In 2021, Advanced Precision Group bought the 102-unit Aviator Apartments for $14.1 million after the nine-building development was completed earlier that year. The purchase price was $138,882 per unit.
David Fender and Johnny Smith, through their Aria Holdings LLC, were the sellers. Arvest Bank financed the deal with a $9.91 million mortgage. Aria paid $520,000 for the land (5.01 acres) in October 2019. First State Bank was the seller.
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