Recent Study Shows 98% Occupancy Rate for Northwest Arkansas Apartments
It’s may be a good time to be a landlord in Northwest Arkansas as apartments are in high demand in all four of Northwest Arkansas’ largest cities.
by Marty Cook, arkansasbusiness.com
Lindy Lindsey is the president of Lindsey Management, the apartment management subsidiary of The Lindsey Co. of Fayetteville, which oversees approximately 40,000 units in complexes across eight states. Lindsey said 9,000 of those units are in northwest Arkansas, and the company has plans to add to that number in the coming year, which would seem the smart play based on recent occupancy statistics for the region.
A recent apartment market study by Brian Donahue of CBRE, a commercial real estate company with a Fayetteville office, reported that occupancy rates for northwest Arkansas were 98 percent or higher in each of the four major cities: Fayetteville, Springdale, Rogers and Bentonville. That’s part of the impetus that has developers building new apartment complexes in the region.
It’s also why Lindsey Management is scheduled to begin the second phase of its Links of Fayetteville complex, which is expected to add another 500-plus units. Lindsey Management is also in the planning stage of a potentially massive apartment complex at the Razorback Park Golf Course in Fayetteville, a project that Lindsey said may be as many as four years from execution.
“I’ll be honest, we have probably been a little hesitant in Fayetteville and northwest Arkansas in moving as fast as we did in the past,” Lindsey said. “We’ve come to grips with ‘Hey, we feel good about this now.’
“We feel like the timing is right, now. We’ll be nervous, no doubt about it, worrying if that thing is going to fill up. Once you got it out there, you have to try to do everything you can to get it full.”
Donahue said the statistics have shown the need for more construction of multifamily units for the past three years. He said he believes developers held off to see what effect new apartments built around the University of Arkansas would have on the market.
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