Deal Highlight: Elevate Acquires Watercolors of Centerton, AR
redIQ Deal Highlight: Elevate Acquires Watercolors of Centerton
redIQ would like to congratulate the team at Elevate Commercial Investment Group for finalizing the acquisition of the Watercolors of Centerton in Arkansas. The 232-unit community was built in 2018 and has 144 more units under construction. The Class A asset was purchased from the developer for $73.2 million.
Single-family home prices in northwest Arkansas rose 26% between January 2021 and January 2022. This increase in prices, along with rising interest rates, have kept demand for rentals high. Vacancy rates were around 2% in the first half of 2022. Northwestern Arkansas has been dubbed “Vendorville”, in reference to the presence of employers such as Walmart, Tyson, JB Hunt, Proctor and Gamble, and Kellogg's in the area. Walmart plans to open a new corporate headquarters in 2025, just seven minutes from the Watercolors. The new campus will accommodate 18,000 employees.
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