A 150-unit multifamily development in Pea Ridge recently changed hands for $24.8 million. The purchase price equals $165,333 per unit.
AR251 Holdings LLC, a Delaware limited liability company managed by Justin Kain, bought The Benton at 200 Ryan Road, south of the Walmart Neighborhood Market. Kain is the founder and CEO of South Bend, Ind.-based HPP Equity, which invests in student, single-family and multifamily housing.
The seller was Ridge 150 Holdings LLC, managed by David Fender and Johnny Smith. Fender and Smith are co-owners of Fayetteville-based real estate development firm Aria Holdings.
Built in 2024, the development comprises six three-story buildings, one two-story building, and a single-story clubhouse. The buildings range from 1,311 to 21,798 square feet. The units range from one to two bedrooms and bathrooms and from 651 to 1,026 square feet. Amenities include bike wash station, dog park, fire pit, fitness center, and outdoor lounge.
DMT ACG LLC in St. Petersburg, Fla., provided a two-year loan for $17.5 million. The lender shares an address with Dwight Capital, a Miami-based commercial real estate financing company.
Ridge 150 Holdings purchased the land (5.95 acres) for $1.42 million in June 2022. The seller was Pea Ridge Commons LLC.