The Junction of Scottsdale
The Junction of Scottsdale is a garden-style multifamily property developed by Mia Rose Holdings, located in the thriving city of Rogers, Arkansas. This $55 million project consists of 226 units, offering a mix of one and two-bedroom apartments, catering to the growing population in the region.
The Investment Opportunity
As an experienced multifamily real estate investor, let me tell you about an exciting new opportunity in Northwest Arkansas – The Junction of Scottsdale, developed by Mia Rose Holdings! This is the third multifamily community by the developer in the region, with 614 units underway, showing strong commitment and growth in the area.
When examining opportunities like this, it’s crucial to consider a few factors. Firstly, location is key – and Rogers, Arkansas, part of the Fayetteville-Springdale-Rogers metropolitan statistical area, is booming! The population has increased by over 100,000 or 20% between 2010 and 2020, indicating strong demand for housing.
Next, look at the nearby job market. With Tyson Foods in Springdale and Walmart headquartered in Bentonville, there are major employment drivers in the region. This translates to a stable tenant base, which is essential for a successful multifamily investment.
When analyzing a property, consider the unit mix and property type. The Junction of Scottsdale offers 140 one-bedroom and 86 two-bedroom units, spread across seven three-story garden-style buildings. This diverse unit mix caters to a variety of tenants, increasing marketability.
Don’t forget to assess the quality of the development! The units at The Junction of Scottsdale will feature full-size washers and dryers, Energy Star-rated kitchen appliances, quartz countertops, vinyl wood plank floors, and 9-foot ceilings. These modern finishes are attractive to potential renters, helping to keep vacancy rates low.
Amenities also play a crucial role in multifamily investments. This property boasts a 9.6-acre site with outdoor gathering spaces, local landscaping, an on-site clubhouse, resort-style pool, two fitness centers, and a tech lounge and business center with leasable coworking space! These amenities help set the property apart from competitors, increasing tenant retention and attracting new renters.
As a newbie, it’s important to partner with experienced professionals. In this case, Houston-based Asset Living will manage the property once it’s completed in fall 2023, ensuring a smooth and efficient operation.
To sum it up, The Junction of Scottsdale presents an excellent opportunity for multifamily investors, with a strong location, diverse unit mix, quality development, and solid management team. Always remember to conduct thorough due diligence and align yourself with experienced partners when investing in multifamily real estate! Good luck, and happy investing!
- Property: The Junction of Scottsdale
- Developers: Mia Rose Holdings
- Location: Rogers, Arkansas
- Property type: Garden-style
- Units: 226
- Cost: $55 million