Pebb Capital has sold Glenrock Apartments in Conway for $17.5 million; the deal closed on May 22.
Acquired by Pebb Capital for $11 million in April 2016, the firm renovated and rebranded the 504-bed complex, which had been a non-performing student housing asset. Now it’s a fully-leased, conventional multifamily asset.
“As part of our conversion plan, we strategically pivoted from a student housing operation to a high-quality conventional multifamily asset with strong demand from the surrounding area,” said Todd Benson, principal with Pebb Capital, in a news release. “This disposition is another successful deal under Pebb Capital Student Living as we continue to shift our focus from state schools to urban markets with multiple demand drivers.”
The pet-friendly Glenrock Apartments offers 180 two-, three- and four-bedroom units, totaling 213,332 SF of rentable space.
Each residence has vinyl plank flooring and cabinetry; full-size appliances, including a washer and dryer set; large walk-in closets; en-suite bathrooms; and covered parking.
The complex also offers on-site management; a 24-hour fitness center; a resort-inspired saltwater pool; sand volleyball and basketball courts; business center; game room; coffee bar; tanning beds; and more.
Kapp Morrison served as counsel for the firm in this transaction.
Pebb Capital has acquired or developed more than 5,500 student housing beds near 12 universities in five states since 2014, exceeding $300 million in transaction volume.