A five-story, 150-unit student housing complex near the University of Arkansas in Fayetteville has a new owner after a recent transaction worth $59.68 million. The purchase price equals $397,883 per unit.
Pork Chop Properties KP7 LLC, a Delaware-registered entity that shares an address with Paoli, Pa.-based TSB Realty, bought 471-bed, 218,037-square-foot The Cardinal at West Center[1] on 2.18 acres at 831 W. Center St.
TSB Realty is an investment sales firm specializing in the valuation and disposition of student housing and multifamily properties. It’s an affiliate of Phoenix-based TSB Capital Advisors, which specializes in real estate finance and consulting with a focus on student housing and build-to-rent sectors. Since its inception in 2014, TSB Realty has closed over $10 billion in student housing sales, encompassing more than 100,000 beds.
The seller was West Center Partners LLC, a Delaware-registered entity whose authorized representative is Michael A. Mouron, chairman emeritus of Birmingham, Ala.-based Capstone Development Partners LLC. Fayetteville-based Allegiance Title of Arkansas was the title agent.
Built in 2014, the LEED Gold-certified complex has one-, two-, and four-bedroom apartment units. Amenities include a private parking garage, fitness center, pool, rooftop and study lounges, tanning beds, and clubhouse with private media room and coffee bar.
West Center Partners bought the property in April 2013 for $3.75 million. The seller was Project Center Partners LLC.
Related
References
- ^ The Cardinal at West Center (uacardinal.com)