Stone Manor Starts Selling Apartments as Condos (Real Deals)

James A. Matthews and James P. Matthews, through their General Properties Inc. entity, paid Tommy F. Stone and Bruce Meyers just over $28 million on Sept. 29 for condominiums at 5001 Stoney Brook Road in Rogers.
The gated community off Horsebarn Road includes 254 condos that were formerly known as Stone Manor at Stoney Brook Apartments. It was owned by Stone and Meyers through T.F. Stone Companies Inc. of Dallas.
It will now be called Stone Manor Condominiums.
Jerry Webster of The Webster Corp. in Little Rock assisted General Properties with the deal.
First National Title Co. of Bentonville closed the sale.
Gramercy Capital Corp. of New York City financed the purchase.
Harris-McHaney Realtors of Rogers is the primary listing agent for the units. One-bedrooms start in the $120,000-range while the two-bedroom units begin at $160,000. They range in size from 662 SF to 1,667 SF.
More than half the units have never been occupied and all are one-story units in two-story buildings with private entries. About 80 percent have attached garages. They all have crown molding, granite counter tops and European-style architecture featuring Austin Buckeye stucco stone.
Owners can choose from 16 different floor plans and can even pick colors to paint the interior. The only other change in the units is switching from vinyl to ceramic tile in the bathrooms. General Properties is currently accepting bids from subcontractors for both the paint and tile work.
Seven units were already under contract within the first 24 hours of selling.
James A. Matthews is the president of General Properties of North Little Rock while his father, James P. Matthews, is chairman of the board of directors. Howard Wiechern is the managing director.
Rausch Coleman Counting Walnuts
Rausch Coleman Homes of Fort Smith has started construction on 24 homes in its Walnut Crossing subdivision. It’s on Holland Road near the Fayetteville/Farmington city limits off U.S. Highway 62 West.
Once the 194 lots in Phase I are completed in December of 2007, the value of the project will be in the neighborhood of $27 million. The company recently bought the initial 24 building permits, which average $140,000 each for a combined total of $3.36 million.
Bank of the Ozarks in Little Rock is financing the project.
Rausch Coleman Development Group LLC has owned the 100-plus acres for four years. There is space for two more phases, but those plans are not finalized.
Raush Coleman’s Homes Builders Division is serving as the exclusive builder. The three-bedroom, cottage-style homes all have vinyl siding. They will range between 1,200 SF to 1,600 SF and cost between $140,000 and $160,000.
Amenities include a new urbanism concept with lots of green space, sidewalks and a homeowners’ association. There also is a 4-acre park with walking trails.
Four of the homes have already sold while several other contracts are being negotiated. Rausch Coleman Homes is serving as the exclusive listing agent.
Listed members of the Rausch Coleman Development Group are Ernest Coleman, Patti Rausch and Lynn Coleman.
Horsebarn Partners Lasso Building
A 70,000-SF commercial building is under construction at 1800 South 52nd Street in Rogers.
Horsebarn Partners LLC recently obtained an $8.8 million loan from Arvest Bank-Bentonville in relation to the project. However, it is sharing a portion the infrastructure cost with Northwest Group Inc., which is constructing two hotels on the east side of the building.
Only a shell permit valued at $2.6 million has been purchased, but the actual value of the project will be in the neighborhood of $10 million once completed.
Crossland Construction Co. of Rogers is the general contractor. Pat Crossland is the project manager.
CEI Engineers of Bentonville is the engineer while the architect requested his name not be released.
The four-story, multi-tiered building has two tenants on the upper levels: Crossland Construction and the Pinnacle Realty Group.
That leaves 40,000 SF to 45,000 SF available for leasing at $22 per SF. Timothy Graham, of the Pinnacle Realty Group, is the exclusive leasing agent.
On the southeast side of the building that overlooks the Pinnacle Hills Promenade Mall, there are preliminary plans for a small restaurant and bar, but the name was not made available.
Chris Crossland is a member of Horsebarn Partners while Narry Krushiker is a principal in Northwest Group.
Mathias Starts Stadium Centre
Mathias Shopping Centers Inc. of Springdale recently obtained a $4.4 million loan to build a strip mall at 3198 W. 6th St. in Fayetteville.
The 41,600-SF building will cost about $80 per SF for the shell construction, or about $3.3 million. Two outparcels also are planned for chain restaurants, but the names were not made available.
Chambers Bank of North Arkansas in Fayetteville is financing the project. It also financed the land purchase of about 8 acres for $1.9 million from Gene and Donna Baker more than a year ago.
WACO Title Co. of Rogers closed the original sale.
MP Construction of Springdale is serving as the general contractor. Gary Barnes is the site superintendent while Keith Fairley is the shell superintendent.
H2 Engineering Inc. of Fayetteville is the engineer while Ken Shaner of Rogers is the architect.
It will be leased as retail/restaurant space. Prices are negotiable. Rick Oliver of Mathias Properties Inc. in Springdale is the exclusive leasing agent.
The project is targeted for completion by Jan. 1.
Sam Mathias is the owner of Mathias Shopping Centers, MP Construction and Mathias Properties.
Calvary Baptist Adds New Building
Calvary Freewill Baptist Church in Springdale recently bought two building permits valued at a combined $2.72 million for remodeling and to construct a new addition at 1000 N. Gutensohn Road.
CFBC obtained a $2 million loan from First Security Bank in Springdale on Aug. 14 in relation to the project. The rest of the cost will be handled with in-house financing.
Plans call for a 2,000 SF addition on the back side of the current church. When that is completed, the old building will be demolished and a 16,750-SF church will be erected in its place. There also is about 10,000 SF of existing space that will be renovated.
Cogun is serving as the general contractor. The company that specializes in church construction is based in North Lima, Ohio, but has an office in Springdale. Cogun’s Edd Miller is the project consultant.
Kyle Cook of Miller Boskus Lack Architects PA in Fayetteville is the architect.
HSA Engineering Consulting Services Inc. of Fort Smith is serving as the mechanical and electrical engineer. Robbins Engineering PLLC of Little Rock is the structural engineer.
Construction is planned for completion by the fall of 2007.
New Building at University Square
The University Square Shopping Center in Fayetteville is adding a 5,000-SF retail building to its existing property.
The value of the project located at 2603 W. 6th St. is about $500,000, but a building permit has yet to be filed for that address with the city of Fayetteville.
Narry Krushiker, through his University Square LLC entity, is the developer and owns the rest of the shopping center that includes mainstays Jim’s Razorback Pizza and C.A.R.E. Chiropractic Clinic.
University Square obtained a $430,000 loan from First Security Bank in Fayetteville in relation to the project.
Crossland Construction Co. of Bentonville is serving as the general contractor and placed the value of the project’s shell construction at about $400,000. The exterior will be a combination of cultured stone and stucco, according to project manager Bill Butler.
CEI Engineers of Bentonville is the structural engineer while Green Anderson Engineers Inc. of Fayetteville is the civil engineer.
Miller Boskus Lack Architects PA of Fayetteville is the architect.
It will include five separate units. Sprint Nextel Corp., and an unnamed dry cleaning business have already signed leases to set up shop in the building.