Apartments Come Around the Mountain Ranch (Real Deals)

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SC Bodner Co., through its MBA Construction LLC, of Indianapolis, Ind., purchased five building permits for a total value of $25.85 million for the construction of Mountain Ranch Apartments, a high-end apartment complex at the Mountain Ranch development in west Fayetteville.

Colliers International is developing the 460-acre mixed-use development.

The apartment complex will have a total of 360 units. There will be 726-SF one-bedroom, one-bathroom units, which will rent for $700 per month; 884-SF one-bedroom, one-bathroom units with a den that will rent for $790 per month; 1,023-SF two-bedroom, two-bathroom units that will rent for $900 per month and 1,217-SF two-bedroom, two-bathroom units that will rent for $1,130 a month.

Each unit will have a full-size washer and dryer, vaulted ceilings, walk-in closets, black appliances, cherry cabinetry, balconies with storage and garden tubs.

Garages will be available for residents at an additional cost.

The complex will have four, four-story apartment buildings with elevators. The buildings will have stone and Hardie Plank exteriors with dimensional roofing.

There will also be a swimming pool and a community clubhouse that will include a computer lounge, a community video game console, a billiards and pub room and a conference room.

SC Bodner also completed the architectural work for the project.

The apartments will be located on Coral Canyon Loop, off Permission Street, north of the Wedington Drive/Interstate 540 exit.

The development is expected to be complete during the first quarter of 2009.

Barber Sells Land, Fairlane

Since June, Brandon Barber has sold several pieces of property, in both Washington and Benton counties, with a combined value of about $15.33 million.

Barber sold the Fairlane Apartments complex at 788 S. Silverado Dr. in Fayetteville through his BLB Holdings LLC, to Gary Combs, through his Fairlane Apartments LLC, for $6.2 million on July 2.

The complex was built in 2006 and has 54 one-bedroom units and 62 two-bedroom units, for a total of 114 units. The floor plans range from 560 SF to 870 SF and rent for $525 and $700 respectively.

The apartment complex sits on 3.84 acres.

Barber paid $900,000 for the land in July 2005 and purchased building permits totaling $6.3 million in January 2006.

Barber also sold about 70 acres of undeveloped land in east Fayetteville near Rockwood Trail.

Barber sold the property through his Lynnkohn LLC to Gary Combs, through his Sequoyah Meadows LLC for $3.7 million.

There is one home located on the property.

The 2,093-SF, single-story home was built in 1992. In 2007 it appraised for $287,950.

Barber purchased the land in August 2005 for $2.75 million.

In Benton County, Barber sold Combs one tract of his Creekside II holdings.

Combs purchased tract three for $2.22 million on June 19 through his Pinnacle Hills Hotel Group LLC. The tract is about 2.5 acres.

Combs received a $2.34 million loan from First Federal Bank for the purchase.

Todd and Jane Ellen Wood purchased tract two of Creekside II for $1.38 million on June 26. The Woods, through their Nilsac LLC, also purchased tract one of Creekside II for $1.83 million.

Barber purchased about 7 acres in Rogers’ Creekside II subdivision from Sunway Hotel Group of Overland Park, Kan., in May 2006 for $5.1 million. The land was later divided into three tracts.

Attorney David Fisher is the registered agent for all of Combs’ LLCs.

Henning Constructs Convenience Store

Henning Construction Co. purchased a $540,000 building permit for construction of a Kum & Go gas and convenience store at 2400 W. Hudson Rd. in Rogers. Kum & Go, through its KG Store LLC, purchased 3.55 acres on the corner of Hudson Road and 24th Street

ARCO Excavating completed the site work for the project. Leisurescapes installed the irrigation system and JR Ball Contracting Group Inc. is a site sub-contractor for the project.

CEI Engineering Inc. was the engineering firm for the store.

Liberty Bank of Arkansas is financing the project.

Applebee’s Building Finds New Owners

The deed for the Rogers Applebee’s restaurant was transferred to a new name on June 26 as part of a companywide lease buy-back program.

The deed was transferred from Applebee’s Restaurants West LLC to DBApplef LLC for $1.38 million.

DineEquity Inc., the operator and franchisor of Applebee’s restaurants, is selling 181 restaurants to investors and leasing back the space for its restaurant operations.

The move is intended to generate cash and reduce debt for DineEquity. The sale will not interrupt operations.

The registered agent for DBApplef LLC is National Corporation Research LTD of Little Rock. The entity was created by the Corporation Trust Center in Wilmington, Del.

Wells Fargo Bank financed the purchase.