A seven-story, 226-unit student housing development near the University of Arkansas in Fayetteville has a new owner after a transaction worth $92 million. The purchase price equals $407,079 per unit.
CPRF 777 S RBRD LLC, a Delaware limited liability company managed by Godfred Mensah, bought The Marshall on 7.6 acres at 777 S. Razorback Road. The company shares a Chicago address with an affiliate of real estate investment firm DWS, which is owned by Deutsche Bank.
The seller was Aptitude Arkansas LLC, whose authorized signatory is Brian Rosen, co-founder and principal of New Jersey-based Aptitude Development. In 2019, the company paid $4.77 million for the property, with plans to build the 350,000-square-foot student housing development.
Aptitude acquired the property in three separate deals. Victory Commons II LLC, Hoskins Limited Family LP and Mathias Shopping Center Inc. were the sellers.
In 2020, Charlotte, N.C.-based Bank of America provided Aptitude a three-year loan of $55 million, which was paid in 2023.
Aptitude’s development footprint was in a federal Opportunity Zone, a community development program established by Congress under the Tax Cuts and Jobs Act of 2017. The zones are meant to spur investment in targeted areas across the United States.
Built in 2021, The Marshall comprises one to four-bedroom units ranging from 530 to 1,420 square feet. Amenities include pool, fire pit, hot tub, lounges, rooftop terrace, game room, fitness and study centers and tanning bed.