An upscale condo complex in Benton County recently sold for $45.16 million.
Elevate Den Centerton Multifamily Property Owner LLC Purchases Phases 1 & 2 Centerton’s Watercolors At 1709 E. Centerton Blvd. in Centerton. Can-Ark Diamond Realty, led by Rich Richardson, is the seller. The acquisition consists of 242 units valued at US$186,636 each.
The transaction was financed by an affordable Fanie Mae loan from Bellwether Enterprises.
Dallas-based Elevate Commercial Investment Group, Aspen Funds of Overland Park, Kansas, and Walker & Dunlop Inc. of Bethesda, Maryland are managing partners of Elevate LLC. Rogers multifamily investor Brian Wagers is a partner at Elevate Commercial, whose multifamily portfolio includes more than 6,000 units.
Watercolors properties include one and two bedroom floor plans ranging from 795 square feet to 1,144 square feet. Amenities include year-round golf simulator, pool, and clubhouse with business center and meeting room.
Richardson bought the 21-acre property for $2.27 million ($2.49 a square foot) in September 2016 from a group of investors that included Bob Laman, Roger Boskus and Jim von Gremp.
The property is almost 100% occupied and Phase III with 144 units is underway. Under the contract, Elevate will acquire the units upon completion, with a scheduled closing via local banks scheduled for June.
