JLL Capital Markets announced that it has arranged $16.96 million in joint venture equity for Ozark Villas, a 670-bed student housing community serving the University of Arkansas (U of A) in Fayetteville, Arkansas.
JLL worked on behalf of Fountain Residential Partners to secure the equity through a partnership between CrowdStreet, Inc. and a family office. Proceeds were used to acquire the property and fund a complete renovation, upgrade and rebranding of the property to Ozark Villas, formerly named Beechwood Village. The student housing property will benefit from building and unit upgrades, cosmetic enhancements, a complete amenity upgrade, new fitness equipment, and unit furniture package upgrades that will position Ozark Villas as the premier cottage-style community in the market.
Ozark Villas is located at 870 S. Beechwood Ave. immediately southwest of the U of A campus, which serves more than 27,000 students and is the largest university in Arkansas. The property is proximate to numerous retail, dining and nightlife offerings and is just east of Interstate 49 providing connectivity throughout the state.
Completed in 2015, Ozark Villas consists of 213 units offering one-, two- and four-bedroom floorplans. Units are fully furnished with modern pieces, offer private bathrooms for each bedroom, in unit washer/dryers, oversized walk in closets, private balconies and patios and modern kitchens. Community amenities at the LEED certified property include a resort-style pool with outdoor kitchen, community green space with firepit, sand volleyball court, lighted basketball court, modern clubhouse, 24-hour fitness center and collaborative and private study spaces. Ozark Villas is also located along the University bus route and has direct access to the Razorback Greenway.
Brent Little, President of Fountain Residential, says, “When completed in 2015, Beechwood Village was the top performing asset in the Fayetteville market. For the first few years we were able to lease up over 100 percent. Under new ownership and with fresh, new capital behind us, we are going to bring the property back to a new construction level and create the best in class property for our residents and investors.”
The JLL Capital Markets team representing Fountain Residential Partners was led by Managing Director Jeremy Sain and Directors Teddy Leatherman, Scott Clifton and Stewart Hayes.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
