![]() Hill Place Apartments is at about 94% occupancy, he said. Kosena said CGM will make a few cosmetic upgrades to the property but did not give a timeline. “Hill Place is in really great condition, and the previous owners did a nice job of maintaining the property, but didn’t do a whole lot to improve it to 2017 specifications.” “We see Fayetteville as a good market with a strong university and good enrollment growth that has been sustained over time,” CGM Director of Acquisitions Jason Kosena told the Northwest Arkansas Business Journal. CGM manages multifamily properties across the country, from apartments to student housing. CGM is the property management business of Cardinal Group Cos., which also includes real estate investment and construction management components. The property represents CGM’s first acquisition in Arkansas. Boulevard intersection, less than a mile south of the University of Arkansas campus. Hill Place is situated southwest of the Hill Avenue/Martin Luther King Jr. That cost includes all utilities, cable and Internet access, and units are fully furnished. There are a variety of floor plans, and rent ranges from $500 to $600 per month per bed. The development was built in 2009 and includes 17 buildings. Hill Place was owned previously by Blue Vista Capital Management LLC, a private equity real estate investment management firm in Chicago. Avison Youngs investment and leasing opportunities include office, industrial, retail, multi-family and hospitality properties, as well as specialized spaces. The price equates to $185,173 per unit (288) and $63,488 per bedroom (840).ĬGM made the purchase in the name of Cardinal Group Fayetteville I LLC. The real estate deed was filed Friday (Feb. That’s the amount Cardinal Group Management (CGM) paid for Hill Place Apartments, a 42-acre student housing development in Fayetteville. According to its website, Cardinal Health is headquartered in Dublin, Ohio and is a global healthcare services and products company, serving hospitals, pharmacies, surgery centers, labs and physician offices worldwide, with over 50,000 employees.A Denver-based real estate firm has entered the Arkansas market in a significant way, with a $53.3 million acquisition. We were in the early stages of marketing the asset, and the buyer recognized the opportunity and acted on it before others could.” “Knowing the building was originally a retail grocery store, when you walk in and see the comfortable work atmosphere and the bustling office activity, you’re just amazed at how the building’s been transformed,” Billings added. We help focus on patient care while reducing costs, enhancing efficiency and improving. “The property’s tenant is about as financially strong as they get, and they’ve been operating a high-quality customer care center there for over thirteen years. Cardinal Health improves the cost-effectiveness of healthcare. “I believe all parties were very happy with this result,” Hathaway said. The buyer was represented by KW Commercial Calabasas of California. The seller, Schonfeld Properties Arkansas LLC, was represented by Jeff Hathaway and Reed Billings of Hathaway Group in Little Rock. Cardinal Health, which ranks among the top 25 on the Fortune 500 list and leases the Sherwood facility, will continue its operations at the location with no change. Cardinal Sherwood LLC, a property investor based in southern California, has acquired the 70,000 square foot Cardinal Health customer service center at 5430 Landers Road in Sherwood, paying $7.0 million in the investment transaction that closed earlier this month.
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