From 2019 to May 2022 across the Sunbelt region records were being set in nearly every category of multifamily sales. During this time the Northwest Arkansas region was busy setting records as well, with just under $1 billion dollars in transaction volume, spread across 130 properties. This volume accounts for 25% of the existing inventory.
Here’s where it gets interesting; the OVERWHELMING majority of these 130 transactions were listed, marketed, and sold by out-of-state brokerages that are several hours away from the area. Talk about an opportunity to fill a void! When a market is growing and changing as fast as Northwest Arkansas, nothing beats boots on the ground and localized intelligence. Creating a list of all the ‘pros’ of hiring a local expert could fill multiple articles, lets quickly focus on three:
Boots on the ground: Having the ability to make frequent site visits is crucial to being an “expert” within the local neighborhoods and submarkets. No to mention, by frequently touring properties in your own back yard you understand the intricacies that different neighborhoods and properties contain much better than an out-of-town broker.
Knowing market-specific terms: This promotes a smooth transaction from start to finish. Being familiar with Northwest Arkansas market terms as opposed to Texas, Oklahoma, or Tennessee market terms can ensure there are no miscommunications between buyer and seller.
Local Team: Hiring a brokerage team that is daily embedded in the market is extremely valuable for real estate marketing. A local team will know the key marketing information that can only be attained from calling and meeting with local players daily.
You don’t have to spend much time in NW Arkansas before you quickly realize the secret is out and construction cranes are in. At the disgruntled testimony of long-time locals, you’ll hear over and over that this area has completely changed from the sleepy submarket of the past. With top tier amenities, education, and infrastructure along with several Billion Dollar World headquarters that are committed to attracting (and keeping) a highly educated, highly incentivized workforce, Northwest Arkansas is poised to continue its impressive growth well into the future.
At GREA we pride ourselves on being the best-in-class, data driven professionals in the market, and you can’t be ‘in the market’ unless you’re in the market. So, when the data suggest, as it does, that population growth, job growth, multifamily transactions and development have consistently grown year-over-year, GREA took the logical course of action – We got our butts in the market. We deployed a seasoned, qualified team led by industry veterans to fill a noticeable void and be the go-to multifamily professionals in the Northwest Arkansas region.
From 1960’s Value-Add to New Construction in Lease Up, GREA specializes in one thing. Multifamily. With thirteen offices across the nation transacting over $5 billion annually, we know multifamily.
Blog Author:
Zac Thomas
Managing Director
zthomas@grea.com
479.388.0947