Platform QOZB Property–Fayetteville LLC, an affiliate of real estate investment company Platform Ventures of Fairway, Kan., has picked up a $33.7 million mortgage from Fayetteville-chartered Arvest Bank.
The mortgage is backing construction of a new student housing development on Beechwood Avenue in Fayetteville. Platform paid $7 million for the 13.6-acre property, which includes a vacant 175,000-square-foot building. It was most recently occupied by KeyTronicEMS. Roughly 7 acres of the property is undeveloped land. The building will be razed and the entire property redeveloped.
Beechwood III LLC of Kentucky was the seller. Alan W. Cole of Colliers International in Rogers represented the seller.
Platform Ventures is the equity partner of Austin, Texas-based real estate developer Aspen Heights, known as a premier brand in the student housing industry with nearly 40 communities across the U.S. The Beechwood property will be developed as a residential community marketed toward University of Arkansas students. It will include 201 units and 687 b.
South CS Apartments LLC (71% interest) and Mt. Kirby Investments LLC bought the 8.28-acre South Creekside Apartments at 900 N. Leverett Ave. TJ Lefler is the managing member of South CS Apartments. Alan Ribble is the managing member of Mt. Kirby.
Arkansas-based ARcare, a healthcare clinic network headquartered in Augusta, bought the buildings at 2803-2805 S.E. Mid Cities Drive. The single-story buildings total 32,000 square feet. The purchase price equals $114.06 per square foot.
Missouri investor Paul Cox, through his Pics Marketing Inc. entity, was the seller.
The Bartelts will operate the business. Mobius paid $425,000 for the land (5.35 acres), near the Arkansas Highway 112 intersection. Hiway 112 Partners LLC, led by David Harris, was the seller.