Bridge Partners Acquires Class “A” Student Deal near The University of Arkansas
Fayetteville, AR February 5, 2014
Bridge Partners, a real estate investment company headquartered near San Francisco, recently acquired The Crowne at Razorback Apartments, a 2005 constructed student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed Class “A” property offers a variety of amenities including a resort-style swimming pool and sundeck, state-of-the-art fitness center, executive business center, dog park, and sand volleyball court.
In addition to its on-site amenities, the asset is located less than 1-mile from the UA campus and is conveniently located along UA’s bus route giving students direct access to several major retail, entertainment and employment centers within the city. Fayetteville’s local economy is anchored by some of the nation’s largest and most established corporate headquarters including Wal-Mart, Tyson Foods, and J.B. Hunt. Situated in the Northwest Arkansas metro, the area has experienced rapid employment growth since 2000, having recently been named the 4th Best Place for Business/Careers by Forbes Magazine and one of the top 100 Best Places to Live by Money Magazine.
The financing of The Crowne at Razorback was executed through a Freddie Mac Loan assumption, a process which was expedited by Bridge Partners’ perfect borrowing record. In its 23 year history, Bridge Partners has zero credit defaults in all of its lending channels including: Fannie Mae, Freddie Mac, HUD, CMBS, along with various balance sheet and unsecured capital products.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. In its history, Bridge Partners has completed over 200 transactions across 17 states and 50 domestic markets. Its existing portfolio features 7,000 units across 13 states. Bridge Partners is actively seeking additional investments that fit within its business plans, as indicated by the acquisition criteria shown to the left.