An income-producing multifamily property two miles east of the University of Arkansas in Fayetteville has sold for $4.5 million.
Raymond Merrill of Sallisaw, Oklahoma, through his Levi Storage Center LLC, is the new owner of the property, near Happy Hollow and East Huntsville roads.
RCB Bank in Broken Arrow Bank, Oklahoma, provided financing with a 20-year mortgage of $3.8 million.
The seller of the property at 788 South Silverado Drive was PVG Investments LLC of Fort Smith, led by Rick Parker, Mark Vogt and Robert Gunn.
The property includes five buildings and 114 units. At the time of the sale, the property had an occupancy of 94 percent.
Bleaux Barnes with Mathias Properties in Fayetteville had the listing.
Trinity Multifamily of Fort Smith is the property manager.
The apartment complex once belonged to Northwest Arkansas real estate developers Brandon Barber and Gary Combs, but a group of four banks — Cross County Bank of Wynne, Fidelity National Bank of West Memphis, Central Bank of Little Rock and First State Bank of Lonoke — acquired joint ownership interest in the property from 2010 until PVG bought it in 2012 for $3.9 million.
Combs, who died in a California hospital in 2012 from cancer-related complications, bought the property from Barber for $6.2 million in July 2008.
Barber paid $900,000 for the 3.84 acres in July 2005, and purchased building permits totaling $6.3 million in January 2006.
The complex, originally called Fairlane Apartments, was built that same year.