Two Fayetteville apartment complexes were sold in separate, multi-million dollar deals.
BSR Trust of Little Rock paid slightly more than $32.68 million for the Mountain Ranch Apartments on Coral Canyon Loop, just west of Interstate 49. BSR bought the 360-unit complex through its Mountain Ranch Partners LLC.
BSR owns or manages 46 properties totaling 9,200 units in five states. The company said in a news release that it had focused on investments in other states recently before deciding the time was right to invest in northwest Arkansas.
"Mountain Ranch is an outstanding community that we are thrilled to add to the BSR portfolio," said Daniel Oberste, BSR's chief investment officer. "(T)he economic growth story in northwest Arkansas is impossible to ignore. Further, BSR's corporate offices along with a large chunk of our operating personnel are based in Arkansas. As a result, it makes good business sense for BSR to expand our Arkansas presence at this time.
"This transaction, together with the other acquisitions and investments made in the past year, are indicators of the growth our company is experiencing and our strategy moving forward."
The Hill Place Apartments on South Royal Oaks Parkway sold for $53.33 million to Cardinal Group Cos. of Denver. Its Cardinal Group Management bought the 268-unit complex through the subsidiary Cardinal Group Fayetteville I LLC.
The seller was Blue Vista Capital Management of Chicago through its BVP Hill Place LLC.