One of the newer student housing complexes in Fayetteville, Sterling Frisco, which is a 640-bedroom complex, was sold this week for $49 million, according to a release by the purchaser GMH Capital Partners.
GMH purchased the student housing development located at that corner of Lafayette Street and West Avenue near the University of Arkansas from Specialzed Real Estate Group and Sterling University Housing of Houston, Texas. The complex cost about $28.5 million to construct in 2013 and it opened early last year.
The deal includes 219 units and 640 bedrooms, each with its own private bathroom. GMH also plans on adding a variety of other upgrades including increased bandwidth with speeds up to 5x faster, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVR's, upgraded card access and video surveillance system as well as additional outdoor living features to the pool patio and rooftop terrace.
"We are tremendously excited to have Sterling Frisco kick off our re-emergence back into the student housing market, said Jim Kirby,” executive vice president of GMH Capital Partners.
The $49 million purchase price of Frisco Sterling equates to roughly $76,560 per bedroom. The bedroom rent will range between $599 and $900 per month, according to the Sterling Frisco website.