A partnership between Rittenhouse Realty Advisors and Triad Real Estate Partners has brokered the sale of Champions Club, a 232-bed student housing community in Fayetteville, Ark. Ashland Capital paid $15 million for the asset, after landing an $11 million bridge loan, funded by First Security Bank, public records show. Marker Investments previously purchased the property in 2021 for $10 million, according to Yardi Matrix data.
Completed in 2016, Champions Club comprises two buildings and 76 units with a mix of two-, three- and four-bedroom fully furnished apartments, averaging 1,313 square feet. Common-area amenities include a fitness center, picnic area, swimming pool, game lounge, computer lounge and dog park.
Located at 1629 S. Razorback Road, the property is less than a mile from the University of Arkansas campus and Donald W. Reynolds Razorback Stadium. Numerous dining and entertainment hubs are within walking distance of the community, as well. Fayetteville city center is less than 2.5 miles from the property.
With an enrollment of 29,000 students, some 5 percent up compared to the previous academic year, the institution and other flagship schools continue to demonstrate the high demand for quality student-dedicated properties, mentioned Sean Lyons, founding partner of Triad, in prepared remarks.
There are twelve dedicated properties serving students at the University of Arkansas, totaling 7,130 units, Yardi Matrix data shows. The Retreat at Fayetteville, a 585-bed community developed by Landmark Properties and expected in the fall of 2023, is the only property currently under construction.