Combs Sells Keystone Crossing Apartments

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Douglas Rippeto, through his Juniper Investment Group Ltd. of Bellaire, Texas recently purchased Keystone Crossing apartment complex from Gary Combs of Springdale for $21.6 million, or about $60 per SF.

David Fisher, with Warner Smith and Harris PLC of Rogers, working with Waco Title, closed the sale June 28.

Brad James, of the Fayetteville office of Oklahoma City-based Commercial Realty Resources Co. represented Combs in the sale.

Rippeto owns about 9,000 apartment units across Arkansas, Oklahoma, Texas and North Carolina, and has worked with CRRC in the past.

The 504-unit complex at 1299 Electric Ave. in Springdale, which was built between 2002 and 2004, has 360,120 SF of net rentable space.

San Antonio-based 1st Choice Management Group will manage the property.

Amenities at the complex include a soccer field, basketball court and playground. Rippeto plans to add a clubhouse within a year, which will feature a swimming pool and an activity center. He also plans to paint the complex, make some minor exterior changes and add extensive landscaping, James said.

The occupancy for Keystone Crossing was 78 at the time of the closing.

Bentonville Builds Central Fire Station

The city of Bentonville issued a building contract in June valued at $4.3 million for a new 31,026-SF central fire station on two acres at 800 S.W. A St. The total budget for the project is $5.5 million.

Construction manager Clinard Construction Co. of Bentonville bought the permit.

Jackson Brown King Architects of Little Rock is the architect for the project. The civil engineer for the project is Morrison-Shipley Engineers Inc. The structural engineer is Engineering Consultants Inc. of Little Rock, and William Grant & Associates of Little Rock is handling mechanical, electrical and plumbing for the project.

Subcontractors include Wilson Brothers Construction of Alma, which is doing earthwork and site utilities, Midland Plumbing of Rogers, Advanced Mechanical of Lowell, which is handling HVAC and Master Electric of Bentonville.

Alliance Steel of Oklahoma City is tackling structural steel work for the project.

The one-story brick structure is on schedule to be completed in March 2008. It will feature six double apparatus bays for fire trucks, a fully enclosed wash bay, a 100-person training room, living quarters for up to 15 firefighters, office space and a display of historical memorabilia, including an antique fire truck.

Quality Life Associates Develops Apartments

Lynne Alexander and Steven W. Smith, co-chairs of Quality Life Associates, through their Scull Creek Limited Partnership are developing an apartment complex at 2619 N. Quality Lane No. 119 in Fayetteville.

The Village at Scull Creek will feature 54 units, 43 of which will be available to those qualifying for low-income housing. There will be nine one-bedroom units and 45 two-bedroom units on the 6.4-acre site. All of the units will be accessible to disabled tenants.

Edwards Design & Construction of Springdale bought the $5.4 million building permit. Key Architecture Inc. of Fayetteville designed the two-story complex and is handling mechanical, electrical and plumbing as well as structural and engineering work. Crafton Tull Sparks & Associates is the civil engineer for the project.

Subcontractors include Prime Power Electric Co. of Rogers for electrical work, Kitchen Distributors Inc. of Fayetteville installing cabinets, J R Ball Contracting Group of Fayetteville handling insulation, drywall and painting and John Westlin Concrete Inc. of Springdale in charge of concrete work.

Global elevator and escalator giant Schindler Group will install an elevator.

The final budget total for the project has not yet been determined, nor has a property manager been selected.

Quality Life Associates is a non-profit organization specializing in helping people with brain injuries and disabilities.

Gaddy Investment Co.Buys Combs’ Property

Bob and Jeff Gaddy, through their Gaddy Investment Co. bought three parcels of land from Gary Combs.

Gaddy Investment Co. bought 320 acres on Highway 45 East near the Goshen city limits for $9.6 million from Combs through his Gary Combs LLC on June 21. The property is located along the White River on the south side.

Waco Title Co. closed on the sale. Metropolitan National Bank handled the financing on the deal.

Bob Gaddy said he plans to prepare the land for use as a horse farm for the immediate future. Over the long term, some of the property could be developed for residential and commercial use when the market conditions are right.

Gaddy Investment purchased 8.91 acres from Combs’ Waterford Commercial Park LLC for $1.11 million. The parcel adjoins Waterford Estates in Goshen on Hwy. 45 near the entrance to the subdivision, and will be used for commercial development. Waterford Estates is a 400-acre subdivision Combs developed.

Title insurance was handled by Waco Title Co., and Triad Title Co. of Fayetteville closed on the sale. Financing was provided through Metropolitan National Bank.

In addition to the land in Goshen, Gaddy Investment bought 3.74 acres of land from Combs’ Landside Acquisitions LLC for $1.5 million on June 21. The parcel is on the corner of Electric Avenue and Highway 265 in Springdale.

Signature Bank of Arkansas in Fayetteville financed the deal, and Triad Title Co. closed on the sale. Bob Gaddy said he might sell the property at some point in the future, but if not, he would likely use the land for commercial development.

Gaddy also bought controlling interest in Corner Properties LLC for $300,000 on June 21. Corner Properties owns 2.5 acres and the building housing Mary Maestri’s restaurant in Tontitown and leases the building to Danny Maestri.

Signature Bank handle financed the deal. The restaurant is in the midst of redecorating.

Fusillos Purchase Pinnacle Property

Robert and Alison Fusillo recently paid Wayne and Marliza Mumford $1.21 million for a house in Rogers.

The 5,767-SF home was built in 2006. The two-story brick home is located at 5 Tudor Lane on Lot 690 of phase IV of the Pinnacle subdivision.

The house was appraised this year for $966,200.

Steward Races Churchill Downs

Rodney D. Steward Jr. recently paid Karyn and Michael Bournival $769,000 for a home in Springdale.

The 5,029-SF home was built in 2002. The one-story, brick home is located at 12051 Churchill Downs Road in Lot 8 of the Churchill Downs subdivision.

The home last appraised in 2004 for $548,500.

Rollers Roll Clear Creek

Kristen Rae and Joshua E. Roller recently paid Charles R. Cate, trustee of the Charles R. Cate Revocable Trust, $769,000 for a home in Johnson.

The 4,165-SF home was built in 2004 by McMahon Bros. Construction Co. of Fayetteville. The two-story home is located at 4486 Caddo Lane in Lot 154 of Phase IV of the Clear Creek subdivision.

The home last appraised in 2006 for $627,750.

Collens Purchase Ridgemonte Home

Nicki and Tom D. Collen recently paid Helen and Paul E. Bynum $675,000 for a home in Fayetteville.

The 4,370-SF home was built in 1995. The two-story, brick and stucco home is located at 4230 E. Churchill Drive in Lot 6 of the Ridgemonte Estates subdivision.

The home last appraised in 2004 for $519,850.

Waggoners Take Wooded Property

Patricia and Rex D. Waggoner recently paid Rinelle and Michael D. Seay $650,000 for a home and land in rural Rogers.

Included in the purchase was a 2,838-SF, two-story home, a 576-SF cabin that’s detached from the main home and a 2,880-SF barn. There’s also a total of 16.21 acres, including 14 wooded acres.

The property last appraised in 2007 for $501,600.

Bynums Buy Willow Bend

Helen and Paul E. Bynum recently paid Lawanna T. and William E. Whitfield $615,000 for a home in Springdale.

The 4,863-SF home was built in 2004. The two-story, brick home is located at 2404 Willow Bend Circle in Lot 29 of the Willow Bend subdivision.

The home last appraised in 2005 for $531,905.

Jones Buy Candlewood

William L. and Julie D. Jones recently paid Crystal Robin Sharp $609,000 for a home in Fayetteville.

The 4,365-SF structure was built in 2000. The brick house is located at 2590 Firewood Drive on Lot 46 of the Candlewood subdivision.

The house was last appraised in 2004 for $532,800.