One of the most prominent student housing developments in Fayetteville now has a new owner.
Sterling Frisco, the 640-bedroom complex at the corner of Lafayette Street and West Avenue, was recently sold to GMH Capital Partners of Newtown Square, Pennsylvania, according to a press release.
The $28.5 million development sits adjacent to Frisco Trail and the Frisco Railway, and is a partnership between Northwest Arkansas-based Specialized Real Estate Group and Sterling University Housing of Houston.
The purchase price? $49 million, says the NWA Business Journal.
The LEED Gold-certified project was originally designed by Fayetteville architecture firm Modus Studio, the team behind Eco Modern Flats and several other Specialized developments.
The purchase price equates to $76,562 per bedroom, which, according to the Sterling Frisco website, each rent for between $599 and $900 per month.
The property includes amenities like a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a roof-top deck and a secured parking garage. Each unit has its own washer and dryer as well as cable and internet included. GMH officials said the plan is to add increased internet speeds, digital HD service with DVRs, upgraded card access with video surveillance, as well as additional outdoor living features to the pool patio and rooftop terrace.
The company most recently announced a joint venture platform with Principal Real Estate Investors to pursue a host of student housing developments in various markets throughout the United States. The partnership will target either acquiring or developing up to $650 million worth of student housing assets.