Fayetteville Acreage Sold for Housing Development (Real Deals)
by January 22, 2012 3:41 pm 96 views
The land for a housing development in Fayetteville that will target the student market at the University of Arkansas changed ownership in a $3.67 million deal.
Asset Campus Housing of Houston, Texas, through its DRI/APRC Fayetteville LLC, paid for the 16.24-acre site at 833 Beechwood Ave. Pratt Properties Inc. was the seller.
The site, formerly a hardwood saw mill operated by Love Box Co., is near the UA at Beechwood and Martin Luther King Boulevard.
In October, ACH received final zoning approval to build an off-campus housing project at the site. Construction for the development, which will have 648 beds, should begin in the spring and be completed in time for the 2013-2014 school year.
ACH is an affiliate of Asset Plus Companies. ACH manages more than 60 properties in 18 states exceeding 40,000 beds nationwide. The Fayetteville property will be its first development in Arkansas.
Hotel Acquisition
A Texas group has paid $2.62 million for the Suburban Extended Stay hotel at 200 S.W. Suburban Lane near Rainbow Curve in Bentonville.
Dante Hahn, through his Hahn Hotels of Bentonville LLC, bought the 1.82-acre property from Corporate Holdings II LLC of Kansas.
Hahn is the owner of Hahn Investments LLC, a real estate company based in Longview, Texas.
First National Bank of Hughe Springs in Hughes Springs, Texas financed the transaction with a $1.98 million mortgage.
The four-story building has 118 guest rooms and 134 parking spaces.
Butterfield Buy
A bank-owned commercial property in Fayetteville has a new owner following a $2.13 million transaction.
Matthew Dearnley and Dale V. “Bo” Briggs, listed as managers of the local investment group Joyce Office Park LLC, paid for the four buildings that comprise the Delta Trust Plaza at 1670-1682 E. Joyce Blvd., east of the U.S. Post Office.
Terry Pool, a partner at Kutak Rock in Fayetteville, is the registered agent of Joyce Office Park LLC.
Jeff Pederson with Lindsey & Associates in Fayetteville was the listing agent for the property, on the market since January 2011. $2.3 million was the original list price.
Searcy-based First Security Bank was the previous owner.
Flake & Kelly Commercial Northwest represented the buyer.
The four buildings sit on 3.41 acres, are 100 percent leased and have a collective space of approximately 25,000-SF. w
Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected].