Upscale multifamily asset in Rogers changes owners for $48.4 million

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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/

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