Proven Value-Add Opportunity: Current ownership has renovated 20 units that are achieving an average rent premium of $125+ on recent leases. By renovating the remaining units, new ownership can potentially increase rental income.
Improved Amenities Package After Major CapEx Spend: Over $425,000 has been spent at The Avenue upgrading the amenities package, including:
Rent Growth Opportunity: The Avenue is over $200+ below rent of nearby properties. New ownership will be able to increase rents and capitalize on the demand to potentially increase NOI. Submarket rents are anticipated to grow by 7.6% in 2022 and 5.5% in 2023, according to CoStar projections. Rents are up almost 3% through April with record low vacancy throughout the market.
Top Ranked Metro: Due to its rapidly growing population, jobs, and economy Northwest Arkansas has been highly ranked in a number of categories, including:
Rapidly Growing Northwest Arkansas: Net migration of 9,100+ residents in 2021 has fueled population growth throughout the region. The local economy regained all lost jobs by August 2021 and grew employment by 5.6% in 2021. The unemployment rate of 2.2% is far outpacing the national average of 3.6%. Since 2012, Northwest Arkansas has grown 21%, on par with other fast growing markets including Raleigh, NC & Orlando, FL. Year-over-year job gains in Northwest Arkansas have outpaced the national average every year since 2010.
University of Arkansas Economic Impact: The University of Arkansas has a $2.2 billion economic impact on the state of Arkansas and a $1.4 billion impact on Northwest Arkansas. The university provides over 4,840 jobs and serves over 29,000 students.
Major Headquarters Transforming the Northwest Arkansas Landscape: Home to three major headquarters, Walmart, J.B. Hunt, and Tyson, and over 1,500 HQ suppliers, the region has been transformed into thriving, increasingly upscale community. Newly created art museums, biking trails, technology innovation centers, and entrepreneur incubators are byproducts of the HQ presence in the community.
Major Northwest Arkansas Employers: Northwest Arkansas is home to multiple companies that employ over 1,000 people, highlighted by:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("The Avenue") located in Fayetteville, Arkansas.
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Fayetteville, Arkansas and known as The Avenue (“Property”).