Commercial, Residential Property Woodway Apartments for $2.55 Million

Woodway Apartments at 2895 Dorothy Jeanne Drive in Fayetteville were sold March 16 for $2.55 million.

The 23,292-SF apartment complex on five acres was owned by Woodway Apartments LLC and sold to Gateview Ranch Inc. and Naomi Klaw of Gunnison, Colo. The deed was signed by John W. Newsom Jr. and Mike McBride as members of Woodway Apartments LLC.

The purchase was financed with a $2.08 million mortgage from First Union National Bank of Charlotte, N.C. The loan was signed by Klaw and Yosef Lutwak, secretary of the company and manager of the ranch.

On March 31, ownership of the apartments was transferred from Gateview Ranch to Woodway LLC. Cynthia C. Smock signed the deed as president of Gateview Ranch. Klaw also signed the deed. Although Woodway didn’t pay anything for the property, the LLC assumed responsibility for the mortgage.

The apartments were built in 1993 and appraised last year for $2.5 million.