Cushman & Wakefield announced that the commercial real estate services firm has arranged the $49.5 million sale of Mountain Ranch, a 360-unit apartment community built in 2009 and located in Fayetteville, Arkansas.
Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, BSR Real Estate Investment Trust, in the transaction. Canyon View Capital, a privately held corporation that owns, manages, and operates $650 million of multifamily real estate, acquired the property.
“Mountain Ranch is poised to leverage the strengthening demand for upscale conventional multifamily in the Fayetteville market,” Bynum said. “New ownership is excited to acquire quality construction below replacement cost in a great submarket.”
Fayetteville is the largest city in the fast-growing Northwest Arkansas MSA, which is home to the University of Arkansas, includes 32,000+ combined jobs and students, as well as Walmart’s headquarters and four other Fortune 500 companies. Amenities include a resort-style pool, fitness center, media room with movie theater, billiards room with a ping pong table, walking and biking trails and a community room with free internet access.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.