Centerton Townhouses Ring Up $3.65 Million Sale (REAL DEALS)

(February mortgage reports are available here).

A 64-unit townhouse development in Centerton recently sold for $3.65 million.

PBS Properties LLC of Cabot, led by Paul Schmidt Jr., bought the properties on 16 lots on Meadowlands Drive, south of Arkansas Highway 102.

Hilltop Properties LLC, led by Cliff Cabaness, was the seller.

Community First Bank in Pea Ridge provided financing.

Waco Title Co. of Springdale was the title agent.

Hilltop acquired the properties, built in 2006, from Meadowlands LLC, led by Bill Lazenby, in November 2010.

Lazenby bought the land (39 lots) in June 2005 for $1.54 million. Summit Ridge Development Inc., led by Robert Kyle Engler II, was the seller.

 

Decatur Deal

A six-building, multifamily development in Decatur has a new owner after a $1.85 million sale.

Decatur Real Estate Investments LLC of Siloam Springs, led by Scott Gentry and Vincent Gentry, bought the 72-unit Grant Springs Apartments at 649 Hidden Springs Drive. The purchase price equates to $25,694 per unit.

Grant Springs Development LLC, managed by Kevin Riggins and Darin Riggins, was the seller.

Arvest Bank in Rogers financed the deal with a three-year mortgage of $1.48 million.

Realty Title & Closing Services LLC of Springdale was the seller.

The property was built on 4.17 acres in 2006 and appraised in 2011 for $1.88 million.

Kendall Riggins with Lindsey & Associates of Fayetteville had the listing for the property at $2.4 million.

 

Van Asche Land

Commercial land in Phase II of CMN Business Park II in Fayetteville recently changed ownership in a $1 million sale.

John Pak of Fayetteville, through his JJSJ Pak LLC, bought 7.25 acres on Van Asche Drive, just west of the intersection with Mall Avenue.

Van Asche LLC of Chicago was the seller.

Waco Title Co. was the title agent.

Van Asche acquired the property via commissioner’s deed in October 2007. The property owner before that was Area Hospitality of Fayetteville LLC of Little Rock, which bought the land in June 2004 for $1.42 million. MSB Properties/Nanchar Inc. of Springdale was the seller.

Area Hospitality bought the land to develop a 74,838-SF Hilton Garden Inn at the site.

R.H. Hill Properties LLC of Fayetteville is pre-leasing a planned 33,000-SF retail building on the site.

Architects 226 of Fayetteville is handling the design work.

 

Talamore Abode

A 3,916-SF home in Phase II of Bentonville’s Talamore subdivision recently sold for $823,000.

Craig and Carla Gourley bought the West Sagamore Lane home from Frederick and Yvonne Ley.

Mercury Title LLC in Rogers was the title agent.

Arvest Bank of Fayetteville provided financing with a one-year loan of $660,000.

The home was listed by Carlene Clendenen and Marnie Jackson with Coldwell Banker Harris McHaney Faucette in Rogers.

The five-bedroom home was built in 2002 and appraised in 2011 for $797,350. Amenities include a swimming pool and outdoor kitchen.

Ley bought the 4.55-acre lot and one-story home in May 2005 from Bryan Trust for $795,000. Bryan bought the lot in April 2001 from 3-Putz LLC for $80,000.

 

Beaver Lake Cabin

A 4,330-SF, custom-built log cabin retreat on Beaver Lake in Garfield has a new owner after a $654,500 sale.

John and Ann Jeter bought the property on Shaffer Road.

Martin and Paula Schoenecker were the sellers.

Arvest Mortgage Co. of Lowell provided financing with a 30-year mortgage of $417,000.

PCI Advance Title LLC in Bentonville was the title agent.

The J. Siebert Group with Keller Williams Market Pro Realty in Bentonville had the listing at $699,000.

Schoenecker acquired the land in two deals totaling $14,000 in 1978 and 1997.

The three-bedroom home was built in 2006 on 3.38 acres.

The property includes two outbuildings and a four-slip dock.

 

Sundowner Sale

Bank-owned residential lots in the Sundowner Ranch neighborhood of Prairie Grove east of Fayetteville have been sold for $577,500.

Ozark Mountain Porterhouse Club LLC of Prairie Grove, registered to Stacey Stills, bought 105 lots from Bank of the Ozarks of Little Rock. The purchase price equates to $5,500 per lot.

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

Bank of the Ozarks took ownership of the lots in June 2009.

Sundowner was originally a 612-lot residential project started by the late Gary Combs.

 

Loch Lomond Property

A four-bedroom custom home on Loch Lomond in Bella Vista has a new owner after a $570,000 sale.

George and Christine Chapman bough the 3,440-SF home on Kincardine Drive from The Borgen Family Trust.

Arvest Mortgage Co. provided financing with a 30-year mortgage of $465,000.

Linda Krysl with RE/MAX Real Estate Results of Bentonville had the listing at $585,000.

Waco Title Co. of Springdale was the title agent.

The two-story home was built in 1994 on a 0.51-acre lot and appraised in 2014 for $539,650.

Borgen bought the home in July 2002 for $393,000. Ronald and Marlene Palmer were the sellers.

Palmer bought the land in October 1993 for $60,000. Robert and Judith Kunkle were the sellers.

Kunkle paid $45,000 for the lot in October 1983. Cooper Communities Inc. was the seller.

 

Windhaven Home

A 4,300-SF home in the Windhaven subdivision of Fort Smith has a new owner after a $535,000 sale.

Mont and Angela Sagely bought the four-bedroom home on Windhaven Drive from Michael and Jill Gibson.

Waco Title Co. of Springdale was the title agent.

Nancy Smith-Robinson with Sagely & Edwards Realtors of Fort Smith had the listing at $579,000.

The one-story home was built in 1993 on 1.8 acres. It was appraised in 2012 for $473,100.

Gibson acquired the property in July 2011 for $422,000.

 

Park Springs Purchase

An estate home on 2.12 acres in Bentonville has a new owner after a sale worth $467,500.

Park Springs Investments LLC, registered in Delaware, bought the 5,006-SF home on Northwest D Street near Sugar Creek Elementary, just off Tiger Boulevard.

The Molly F. Henry Trust and James T. Henry Trust were the sellers.

Waco Title Co. of Springdale was the title agent.

Jan Holland with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.

The four-bedroom home was built in 1969 and was on the market for the first time. 

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.