RRA/GREA and Triad Team Up to Sell Class-A Student Housing Asset at University of Arkansas Totaling $15,000,000
News provided byRittenhouse Realty Advisors
Aug 09, 2022, 10:56 AM ET
PHILADELPHIA, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners are pleased to announce the sale of Champions Club, a 76 unit, 232 bed student housing property located 1629 S. Razorback Road in Fayetteville, Arkansas. The newly constructed trophy asset is located one mile from the University of Arkansas, which has an enrollment of over 29,000 students.
Community amenities include a swimming pool, fitness center, bbq/picnic area with fire pit, dog park, game lounge, and computer lab. Apartments are 2, 3, or 4 bedrooms, are fully furnished and include 1 to 1 bed/bath parity and in-unit laundry.
Enrollment at University of Arkansas has increased over 5% compared to the 2020-2021 academic year. Sean Lyons, founding partner of Triad, stated: “This off-market transaction clearly demonstrates the continued strong demand for quality student housing assets at flagship schools. The University of Arkansas experienced record enrollment for this Fall, and properties like Champions Club will continue to be the beneficiaries of this growth pattern.”
Douglas Sitt, Co-Head of Student Housing at RRA/GREA added: “Tier-1 universities in the south are experiencing record pre-lease velocity and rent growth. Champions Club, adjacent to the University of Arkansas, is a prime example of that. The property and market are performing well beyond expectation in terms of rent growth and high occupancy.”
“GREA’s national platform in partnership with Triad allowed us to find a family office buyer that is newer to the student housing space,” stated Ken Wellar, managing partner at RRA/GREA.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7905745-6d20-4f60-9e37-84216ede6945
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States. TODD FRANKS, AR Managing Broker Lic. # 176210
Press Contact: Corey Lonberger and Ken Wellar