Colliers International | Arkansas has notched its first multi-family transaction with the sale of a Russellville apartment complex.
The Cumberland Square Apartments, located at 401 N. Cumberland Ave. in Russellville, sold for $1.425 million to Everest Investment Properties LLC. on Feb. 18. The company bought the facility from Cumberland Square Associates LP.
Cole Herget and Justin Bentley of Collierrepresented the buyer and seller.
The complex measures 36,786-square-feet and sits on 3.28 acres near Arkansas Tech University and St. Mary’s Regional Hospital. The complex, built in 1980, has 50 one- and two-bedroom units across 10 buildings.
“Our firm has noticed a significant increase in multi-family transactions across Arkansas over the last few years,” Isaac Smith, president of Colliers | Arkansas, said in a statement. “In an effort to take a more active role in this part of our market, Cole Herget has been named our lead multi-family broker and will focus exclusively on this sector. Cole has earned the faith of our entire leadership team in his years as a brokerage associate and we’re excited to watch him excel in this new role.”