Sterling Starts Multifamily Project With $14.7M in Permits

Indiana-based multifamily firm The Sterling Group recently bought 11 building permits with a combined value of $14.7 million.

The permits are being used to begin construction of the Rogers at Promenade Apartments, a gated, multifamily development at 4101 W. Huntington Drive in Rogers at the southwest corner of New Hope and Bellview roads.

The company recently paid $1.29 million for the 8.46-acre site. Pinnacle New Hope LLC, led by Johnelle Hunt, was the seller.

The property will include eight buildings and 200 units. It will also include a maintenance building, leasing center and mail kiosk/pool equipment building.

Buildings 1 and 2 of the development (Phase I) should be completed by Oct. 1.

Sterling Construction Corp. is the general contractor.

Amenities will include a resident clubhouse with cyber café, 24-hour fitness center, outdoor pool, covered grill cabana, car wash/car care center and trash/recycling center.

Each unit will include a laundry room, granite countertops in the kitchen with high-efficiency appliances, crown moulding throughout, brushed nickel fixtures, vinyl plank flooring, ceramic tile in the bathrooms and carpeted bedrooms/closets.

The property will be professionally managed by Sterling Management.

 

New Neighborhood Market

Milestone Construction Co. LLC of Springdale is using a building permit valued at $4.2 million to construct a Walmart Neighborhood Market in Springdale.

The 41,920-SF building will sit at the southeast corner of the intersection of Interstate 49 and Don Tyson Parkway.

Harrison French & Associates of Bentonville is the building architect.

CEI Engineering Associates of Bentonville is the civil engineer.

Other subcontractors who are working on the project include: Truelove Dirtworks of Berryville, Advanced Concrete Technology Inc. of Rogers, Eric McBride Commercial Masonry of Gravette, Hollis Roofing Inc. of Columbus, Mississippi, Johnson Mechanical Contractors of Fayetteville and Hill Electric Inc. of Fayetteville.

The store is expected to open this fall. 

 

Apartment Acquisition

A 108-unit multifamily development in Siloam Springs changed ownership in a $3.5 million deal.

Robert M. Bearden of Fort Smith, through his Bearden Investments LLC, bought the 97,740-SF Remington Park Apartments at 1050 N. Britt St.

William A. Lazenby was the seller.

Great Southern Bank in Rogers financed the deal.

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

The 6.3-acre property consists of nine two-story buildings with a separate office building and was built in 2002. It appraised in 2011 for $3.04 million.

The current occupancy rate is 98 percent.

Real Property Management River Valley of Fort Smith is the property manager.

Lazenby bought the land in November 2001 for $158,000. The sellers were Kevin and Kari Riggins and Darin and Christine Riggins.

 

Value Deal

An extended-stay hotel near Interstate 49 in Benton County recently sold back to the original developer for $2.5 million.

Wichita, Kansas-based Value Place, the largest extended-stay franchise in the U.S., bought the 42,912-SF property at 1201 Phyllis St. in Bentonville.

SC Petroleum LLC was the seller.

Community National Bank & Trust LLC in Benton, Kansas, funded the deal with a $2.5 million mortgage.

First National Title Co. in Fayetteville was the closing agent.

SC Petroleum bought the property at auction in November 2012 for $1.6 million.

The 1.96-acre property — which was built in 2005 and has 121 rooms — was foreclosed on in September 2010.

 

Buckingham Buy

New construction in Phase IV of the Pinnacle subdivision in Rogers recently sold for $952,000.

Brian and Valerie Lynch bought the 5,447-SF custom home on West Buckingham Drive from RSJ Property Management LLC of Rogers.

Citibank NA financed the purchase with a 30-year mortgage of $755,600.

Waco Title Co. of Springdale was the closing agent.

The five-bedroom home, built by Randall Johnson Builders, was initially listed at $1.14 million.

Sherry Hardie with Coldwell Banker Harris McHaney Faucette in Rogers had the listing.

The home includes crown moulding and hardwood flooring, whirlpool, media room and Wolf appliances.

Johnson bought the half-acre lot totaling two parcels in December 2012 for $124,000. Robert and Rachel Siever were the sellers.

Siever bought the property in October 2005 for $107,000. Tallchamps LLC was the seller.

 

Caerleon Home

A 3,640-SF home in the St. Valery Downs subdivision of Cave Springs recently sold for $637,500.

Timothy and Julie McGrover bought the 0.9-acre property on Caerleon Circle.

Jack and Christy Callaway were the sellers.

Waco Title Co. of Springdale was the title agent.

Sirva Mortgage Inc. of Independence, Ohio, financed the purchase with a 30-year mortgage of $510,000.

The four-bedroom home was built in 2006, and appraised in 2011 for $574,750. Callaway bought the home in November 2007 from Jerry and Angela Hawkins for $580,000.

Hawkins bought the home in October 2007 from S&V Miller Inc. for $775,000. S&V bought the land in August 2004 from The Arnold D. Lehman Revocable Trust for $81,000.

 

Lakeridge Property

A 3,838-SF home in the Clay Yoe subdivision off of East North Street in Fayetteville has a new owner after a $450,000 sale.

Johnelle Hunt LLC bought the three-bedroom home on West Lakeridge Drive near Lake Lucille.

Martin Tinnin was the seller.

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

Tinnin bought the one-acre property in January 2010 for $355,000. Robert and Sarah Mitchell were the sellers.

The home was built in 1965 and includes a swimming pool and media room.

 

Conoco Now Casey’s

A retail convenience store development in northeast Bentonville is in motion after a $400,000 sale.

Casey’s Marketing Co. of Ankeny, Iowa, bought the former Conoco Fastrip at 3209 N.E. 11th St., east of the intersection of Arkansas Highway 72 and Interstate 49. The deal was part of an acquisition that also involved several stores in Missouri.

Grace Energy Corp. of Carthage, Missouri, led by president Jerry Joe Perry, was the seller of the Bentonville property. Grace Energy owned the development through its Perry Management LP.

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

The 2.31-acre development was built in 1997 and appraised in 2013 for $2.16 million.

Amy Mills with Steve Fineberg & Associates Inc. of Bentonville represented Casey’s in the Bentonville purchase.