Marcus & Millichap Arranges $53 Million Build-to-Rent Refinance for The Grove in Rogers, Arkansas
Marcus & Millichap Capital Corporation (MMCC) has arranged $53 million in refinancing for The Grove, a 235-unit build-to-rent multifamily community at 1735 W. Chandler Ave. in Rogers, Arkansas, the firm announced Sept. 11, 2026.
John Brickson, managing director in MMCC's Dallas office, represented a joint venture between Brittenum Group and Realty Capital Partners in securing and structuring the three-year, nonrecourse loan. The financing retires the property's construction loan ahead of its maturity date.
Deal Structure and Sponsor Strategy
The $53 million loan — roughly $225,500 per unit — gives the Brittenum Group and Realty Capital Partners joint venture time to stabilize operations before bringing the asset to market.
"This financing repaid the borrower's construction loan ahead of maturity, giving the borrower time to season the rent roll and position the property for a successful sale," Brickson said. "The Grove has been very well received in the market and has exceptional resident demographics, with median household income of nearly $100,000 among the existing resident base. The property is one of the largest BTR communities by unit count in the Northwest Arkansas region and one of the few projects offering fully detached, single-family-style homes."
Property Overview: The Grove in Rogers, Arkansas
Built in 2024, The Grove is a Class A community comprising 123 detached two-story, single-family-style cottages and 112 attached townhome-style residences. The property reported 94.5% occupancy at the time of the refinancing. Current asking rents run approximately $1,695 and above for two-bedroom units and $1,799 and above for three-bedroom units, positioning the community at the upper end of the Rogers rental market.
Amenities include a resort-style pool, 24-hour fitness center, golf simulator, community clubhouse with co-working offices and a community kitchen, secure package lockers, and a pickleball court.
Northwest Arkansas Multifamily Market Context
The refinancing comes as Northwest Arkansas absorbs a significant wave of new multifamily supply. Vacancy in the broader market rose to 7.3% in the first half of 2026, up from 6.1% in the second half of 2025, driven by 14 newly completed complexes delivering more than 1,700 units to the region. Rogers specifically saw vacancy climb to 9.0% in the first half of 2026, compared with 7.9% in the prior period.
Average effective rents across the Northwest Arkansas market stood at approximately $1,201 per unit, largely flat year-over-year, as the market works through elevated supply. Against that backdrop, The Grove's reported 94.5% occupancy and resident median household income near $100,000 distinguish the property within the local competitive set.
The three-year loan term gives the sponsors a runway through a transitional period for the regional market, with the expectation that absorption of current supply will support stronger sale pricing once the rent roll is fully seasoned.
About the Firms
Marcus & Millichap Capital Corporation is the financing arm of Marcus & Millichap, Inc. (NYSE: MMI), a brokerage firm focused on commercial real estate investment sales, financing, research, and advisory services. The company operates more than 80 offices across the United States and Canada and closed 8,818 transactions in 2025 with a total sales volume of approximately $50.9 billion.
Brittenum Group and Realty Capital Partners served as the co-sponsors and joint venture equity partners on The Grove development and refinancing.
Sources
Marcus & Millichap Capital Corporation press release, Sept. 11, 2026