1225 W. Mount Comfort Road
Fayetteville, AR 72703
Acquisition Date: 2/24/2016
Property Type: 246 Apartments
Property Manager/Leasing Agent: TBD
The success of our Chamberland Square property and our knowledge of Fayetteville gave us the incentive to expand in this area. The proximity of Garden Park to the University of Arkansas makes it a highly desirable complex for students as they can walk or easily ride bikes to class. Additionally, this Class B property is full of Class A amenities. We bought the property for $17.6M utilizing a Freddie Mac loan at 3.96% along with a sizable 1031 exchange partner as our tenant in common. Since the acquisition, we have seen good cash flow, raised rents/fees, and currently have occupancy running around 97%. This was an ideal addition to our portfolio. Fayetteville was recently ranked third in U.S. New & World Reports Top 10 Places to Live - with Denver, CO, and Austin, TX in the number taking the number one and two slots respectively.