DALLAS, March 12, 2014 /PRNewswire/ -- Fountain Residential Partners, in partnership with Fayetteville, Arkansas-based Specialized Real Estate Group (SREG), is preparing to break ground on the first phase of development of a 1,100 bed neighborhood located just two blocks from campus serving the students of the University of Arkansas in Fayetteville, Arkansas. The first phase of the traditional neighborhood development, Idyll Village, will offer 670 beds with the highest level of finishes and amenities in the market.
The dictionary defines Idyll as "a very happy, peaceful, and simple situation or period of time." At Idyll Village, the developers have integrated nine distinctive modern home designs clustered around a state of the art 8,000 SF clubhouse with study rooms, an unparalleled fitness facility, and active lounge and study areas that will center over a lavish resort pool. The one, two and three story plans include private porches, balconies in select bedrooms, queen sized pillow-top beds, granite countertops, stainless steel appliances, wood-look flooring, a premium furniture package that will include 50" flat screen televisions with DVR's in the living areas, door bells, and select units will feature in-home game rooms featuring pool tables and a wet bar overlooking a two-level volume living room. Idyll Village will be an all-inclusive community, with all utilities, highest speed broadband and wireless internet, and extended cable TV.
A central park area will be a community focal point and connect with the 36-mile Razorback Greenway for access to campus and nearby retail by foot or by bike. The walkable streets throughout the site will encompass plenty of car and scooter parking, as well as electric vehicle charging stations. Idyll Village will be located on the east side of Beechwood Avenue just south of MLK next door to the University House student housing community.
Seth Mims, SREG Partner and President said, "This development is the best of both worlds. Proximity to campus combined with the connected neighborhood feel that students love, all wrapped up in a modern, green design. This concept should be highly successful in the Fayetteville market."
Brent Little, President at Fountain Residential Partners, notes, "On average, these types of cottage communities, in similar campus markets, are located 2 miles or more away from campus and require long commutes that put strain on students and local residents, alike, and end up distancing students from easy access to campus for participation in athletics, Greek functions, and other on-campus activities. Idyll Village is uniquely located near campus away from established single family neighborhoods and will have the synergy with surrounding student housing and the commercial thoroughfare that is MLK Boulevard."
The award-winning design team at locally based Modus Studio is creating a new paradigm in the market, tailoring the neighborhood, amenities, low impact design, and contemporary design elements into a vision that is uniquely Fayetteville. The collaboration of Fountain, with their experience in creating the highest quality walk to campus projects in the country, and SREG/Modus, with their local experience and knowledge, will reset the bar on the student living experience and create a sustainable neighborhood integrated with the community.
Fountain Residential Partners and Specialized Real Estate Group will also partner to develop an adjacent parcel that will serve as a 430-bed Phase II for Idyll Village.
Trevor Tollett, Vice President of Fountain Residential Partners notes "There are other student living projects planned for the Fayetteville marketplace, such as an additional 692 beds on campus and 233 high density beds downtown, and even more in the planning stages, but with the location and product type at Idyll Village, these 1,100 beds of unmatched collegiate housing will lead the market in both rents and occupancy, regardless of any future supply."
Fountain is a Dallas, Texas-based multifamily real estate development, acquisition, and asset management company formed by Brent Little, Jonathan Clayton, Trevor Tollett, in partnership with Commodore Student Housing, LLC. Commodore is a subsidiary of the family investment office of Carl Westcott.
Specialized Real Estate Group is an award winning firm focusing on the development and management of multifamily properties in Northwest Arkansas and is the leader in new student living in the Fayetteville market.
- Real Estate