Stone Manor Sells to Little Rock Firm

Word is General Properties Inc. of Little Rock is about to close on purchasing Stone Manor at Stoney Brook Apartments in Rogers from T.F. Stone Companies Inc. of Dallas for an undisclosed amount.

The catch is, the group plans to sell the units as condominiums instead of renting as apartments, which is ironic since the units were originally designed to be condos.

There are more than 250 condos in the gated community off Horsebarn Road. We hear prices for the one-bedroom units will start in the $120,000 range while the two bedrooms will start at $160,000.

Many have never been lived in and range from 700 SF to 1,700 SF.

James P. Matthews is the president of General Properties while James A. Matthews is the vice president. Bruce Meyers was the original organizer of T.F. Stone Companies Inc. in Rogers in 2003.

Stone Manor mimics Fayetteville’s Reserve at Steele Crossing, which were apartments from 2004 until being converted to condos earlier this year.