Benton County apartments sell for combined $58.91 million

Two Benton County multifamily developments comprising 318 units recently changed hands in separate transactions that exceeded $58.91 million. The combined purchase price equals $185,255 per unit.

Los Angeles-based AndMark Promenade Commons^[1] LLC, managed by Mark Mosch, paid $32 million for the 166-unit Promenade Commons development on 5.04 acres at 750 S. Promenade Blvd. in Rogers.

Mosch is founding partner and CEO of Los Angeles-based AndMark Management Co., a real estate investment firm that focuses on multi-family residential rental properties targeted toward workforce housing in smaller to medium sized cities throughout the United States. The company’s existing portfolio includes other multifamily developments in Benton County, the Fort Smith metro and central Arkansas.

The seller was Springfield, Mo.-based Promenade Commons LLC, whose authorized member is David T. Coryell.

Built between 2021 and 2024, the four-story, 184,438-square-foot apartment complex offers studio and one- to three-bedroom units. Amenities include outdoor heated pool, hot tub, fitness center, clubroom with full kitchen, craft room, co-working spaces, dog parks, elevator access, and attached or detached one-car garages.

Samuel Coryell of Springfield bought the property in January 2019 for $1.2 million. The seller was EF Capital AR LLC, managed by Margaret Molleston.

In a separate transaction, Carmel, Ind.-based LC Lowell Apartments Partners LLC, managed by Jonathan L. Goodburn, paid $26.91 million for the 152-unit Pure Lowell^[2] development on 7.66 acres at 520 Commerce Creek Drive in Lowell. Goodburn is partner and chief financial officer of Lauth Group Inc., a Carmel-based real estate development and construction company.

The seller was Festus, Mo.-based STL 2 Lowell LLC, managed by Thomas Kaiman.
Built in 2023 along Interstate 49, the three-story, 75,610-square-foot apartment complex offers one- to two-bedroom units. Amenities include pool, fitness center, business center, bicycle parking and pet park.

Houston-based CBRE Multifamily Capital Inc. provided a seven-year loan of $17.09 million. STL 2 Lowell paid $1.01 million for the property in May 2022. The seller was Rogers-based Plag LLC, led by Rob Coleman.

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