Multifamily Property Off Market Following $4.3 Million Deal (Real Deals)

A 96-unit apartment complex built in 2005 near the Benton County Fairgrounds recently sold for $4.3 million.

Doug and Vonda Boggs of Edmond, Okla., through their SkyRidge Estates LLC, bought the Snyder Village apartment complex on Southwest Blue Jay Lane just off Arkansas Highway 12 in Vaughn.

SC Development of Greater Arkansas LLC, led by Mark Snyder, was the seller.

First State Bank in Fayetteville funded the deal with a 10-year, $4.3 million mortgage.

Realty Title and Closing Services LLC of Springdale was the closing agent.

Jody Hendrix, principal broker with Keller Williams Realty of Northwest Arkansas, was the listing agent.

The 8.91-acre development appraised in 2011 for $4.03 million. The property contains eight, two-story buildings with 12 units each. It has an occupancy rate of 100 percent.

There are 32 one-bedroom units and 64 two-bedroom units.

Snyder bought the apartments in December 2009 for $4.68 million. The seller was Vaughn Apartments LLC, led by James and Joy Mathias.

 

Duplex Activity

ADR Homes by Roth of Bentonville, led by owner Jeff Roth, recently paid $3.19 million for eight building permits.

The permits are being used to build eight duplex buildings in the Rupple Row subdivision of west Fayetteville near The Donald W. Reynolds Boys and Girls Club.

The two-story buildings, each about 4,800 SF with two units each, are on North Wordsworth Lane on lots owned by Spring Creek Rentals LLC, led by Rob Kimbel.

Each unit includes three bedrooms, three full bathrooms and one half-bathroom. Amenities include gas fireplace, two-car garage, hardwood flooring on the first floor and granite countertops throughout.

The exterior of the Craftsman-style duplexes will be a combination of brick and masonry.

 

Volunteer Acquisition

Ownership of 13 single-family homes in the Stone Meadow subdivision near Greenhouse Road in Bentonville recently changed hands in a $1.42 million transaction.

Volunteer Holdings LLC, managed by Terry W. Smith, bought the properties from John Alford, through his Stone Meadow Development Group LLC.

United Bank of Springdale provided the financing.

City Title & Closing LLC of Fayetteville was the closing agent.

The properties were built between 2006 and 2008. The combined appraisal of the patio-style houses, which average 1,325 SF, was $1.44 million in 2011.

The subdivision includes a clubhouse, pool and meeting room on the property that’s located between state highways 12 and 102.

 

Fuel Development

Nabholz Construction Corp. of Conway recently paid the city of Rogers $1.12 million for a commercial building permit.

It will be used to build a gas station operated by Wal-Mart Stores Inc. at 4980 W. Pauline Whitaker Parkway.

Wal-Mart owns the 3.1-acre tract at the southeast corner of the roundabout connecting Whitaker Parkway and Pinnacle Hills Parkway.

The company bought the property in January for $1.3 million.

The property is north of the Walmart Neighborhood Market.

The seller was PB-6912 S Quentin LLC, an affiliate of The PrivateBank and Trust Co. of Chicago.

The land had previously belonged to Bill Schwyhart and Robert Thornton through their Pinnacle Hills West LLC, part of a partnership commonly called Pinnacle Investments.

The gas station is about 600 SF, and will have eight fueling stations.

Nabholz is the general contractor, Core States Group in Rogers is the architect, CEI Engineering in Bentonville is the civil engineer and the fuel subcontractor is Hooten Oil Co. of Seminole, Okla.

The gas station is scheduled to open this summer.

 

North Willow Abode

An historic 3,440-SF home in Fayetteville’s Davidson’s First addition recently sold for $875,000 in an all-cash transaction.

Ben and Amy Merryman bought the property on North Willow Avenue from Mark and Katie Zweig.

Lenders Title Co. of Fayetteville was the closing agent.

Dale Carlton of Fayetteville’s Carlton Realty Inc. was the listing agent.

The home was built in 1895. Zweig, president of Mark Zweig Inc., bought the home — then 1,998 SF — in April 2008 from the Lewis Revocable Trust for $195,000.

The home was renovated the following year into a four-bedroom home with a 1,030-SF outbuilding.

 

Bank-Owned Homes

A trio of bank-owned homes in Benton County recently sold to a Fayetteville couple for a combined $705,000.

Whitley and Wendy Dunn, through their JMAX Properties LLC, bought two homes in Phase IV of Bentonville’s Wildwood subdivision just off Arkansas Highway 12, and another in the Biltmore subdivision of Cave Springs just off West Wallis Road.

First State Bank of Lonoke was the seller.

Pinnacle Bank of Rogers provided the financing with a 30-year mortgage of $427,693.

The Biltmore property on South 67th Street is a 2,258-SF home built in 2010. It appraised in 2011 for $227,400.

The Wildwood properties are on Southwest Azalea Drive. One is a 2,127-SF home built in 2006. It appraised in 2011 for $187,300. The other is a 2,085-SF home built in 2007. It appraised in 2011 for $180,100.

 

Parts Property

A 6,000-SF former auto parts outlet in Fayetteville recently sold for $680,000.

RCP Property LLC, which lists Rick Caldwell of Little Rock as the registered agent, bought the building at 1513 W. Martin Luther King Blvd.

The seller was Tracy Hoskins, through his Metro Building LLC.

Hoskins acquired the building in July from Wood-Crow Realty LLC for $594,000.

The building, previously The Parts Store, was built in 1980, and was appraised in 2010 for $465,350.

 

Golden Deal

A vacant retail development in Fayetteville drew a $650,000 sale.

Gold Town LLC, managed by Sin Tuk Kim, bought the property at 3223 N. College Ave. next to Zaxby’s.

The seller was KEP LLC, led by Ed Powell of Springfield, Mo.

The 3,039-SF building will be renovated into a sushi and Korean barbecue restaurant. Kim operates a similar restaurant, Gold Town Sushi and Korean BBQ, at 1100 S.E. 14th St., in Bentonville.

The Fayetteville building was built in 2001 and remodeled in 2009 with a drive-thru window.

The 0.8-acre site was previously home to several restaurant developments, including Andy’s Frozen Custard, Oseguera’s and Fazoli’s.

Powell bought the building from Arvest Bank in March 2008 for $665,000.

The property appraised in 2010 for $617,000. It was listed for $699,900.

Jeff Pederson with Lindsey & Associates of Fayetteville was the listing agent.

 

Balmoral Buy

A newly constructed home in Phase VII of the Shadow Valley addition in Rogers recently sold for $515,000.

Matthew and Nicole Anderson bought the Balmoral Drive home from John R. Tidwell, through his Tanglewood Homes Inc. entity.

PHH Mortgage Corp. of Mount Laurel, N.J., partially funded the transaction with a 30-year mortgage of $206,000.

Tidwell bought the 0.25-acre lot in July for $61,000 from the C.R. Reaves Family Limited Partnership.

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.