A Chicago-area real estate firm has taken ownership of a multifamily asset in Rogers for $48.4 million.
A subsidiary of Inland Real Estate Investment Corp., based in Oak Brook, Ill., bought the 392-unit Ranch at Pinnacle Point development at 5900 Stoney Brook Road. Inland facilitated the purchase of the property on behalf of Rogers Multifamily DST, one of its 1031 investment programs.
A joint venture between Balfour Beatty Communities of Pennsylvania and Block Multifamily Group of Missouri was the seller.
Parkway Bank & Trust Co. of Illinois backed the deal with a $29.1 million loan.
Inland did not comment on the deal, other than the following statement from Matthew Tice, senior vice president of Inland Real Estate Acquisitions LLC:
“The Ranch at Pinnacle Point was an attractive acquisition due to its ideal location directly on Interstate 49, next to the Pinnacle Hills Promenade, Pinnacle Hills Corporate Park and [John Q. Hammons] Center. The property also provides residents with convenient access to a variety of employers in the area, including Walmart’s new headquarters, Tyson Foods, J.B. Hunt and the University of Arkansas. Ranch at Pinnacle Point’s strong demographics, amenities and value-add potential made this the type of multifamily acquisition we continue to seek.”
Read more: https://talkbusiness.net/2019/01/upscale-multifamily-asset-in-rogers-changes-owners-for-48-4-million/