Utah Fund Buys Rogers Condos For $5.15M

An investment fund headquartered in Utah has taken ownership of 30 upscale condominium units for $5.15 million, a purchase price of $171,700 per unit.

Everest Apartments LLC, managed by Ron Phillips of Utah and Brandon Rooks of Bentonville, bought the properties on South Everest Drive in The Peaks in Rogers development, southeast of the Pinnacle Hills Promenade. The units are divided among four separate eight-plex buildings.

The acquired units are all leased and range in size from 1,680 SF to 2,800 SF.

GOE Condos LLC, managed by Aaron Osborne, was the seller.

Chambers Bank of Danville provided financing with a five-year mortgage of $4.04 million.

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

Amenities include maintenance-free living, hardwood and tiled flooring, granite counter tops, interior and exterior speakers, stainless steel appliances and custom cabinets and wood blinds.

 

Bentonville Multifamily

A 62-unit multifamily development near downtown Bentonville has a new owner after a $3.65 million sale.

AndMark Investment Advisers LLC, a Los Angeles-based real estate investment and advisory firm, paid $58,870 per unit for the Tanglewood Townhomes development at 1301 E. Central Ave., just east of the intersection of Southeast J Street and Central Avenue.

Riata Properties LLC of Allen, Texas, led by Darren Printz, was the seller.

The deal was partially funded with a five-year mortgage of $2.95 million from Chambers Bank of Danville.

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

The 68,092-SF development, with two- and three-bedroom apartments, is made up of multiple two-story buildings on 3.23 acres. It was built in 1995 and remodeled in 2010. The development also includes an outdoor basketball court.

It last appraised in 2012 for $1.78 million.

Riata acquired the development in 2012 for $1.72 million. Polo Square LLC of Fort Smith, which is managed by John Baxter, was the seller.

Baxter acquired the development in August 2010 for $992,000 from Preston Wood Associates LP.

The acquisition is the fourth in Northwest Arkansas in less than a year for AndMark. Deals closed by the company in 2015 were:

• Casa Maria at Post Road (62 units), 800 E. Post Road, Rogers; $3.06 million

• Black Oak Apartments (103 units), 608 Black Oak Ave., Springdale; $3.01 million

• Flagstone Creek Apartments (120 units), 5101 S.W. Villa St., Bentonville, $7.53 million.

 

Commercial Sale

A vacant commercial lot near Baum Stadium in south Fayetteville recently sold for $1.42 million.

Barrett Development Group LLC, a student-housing developer in Athens, Georgia, bought the 6.8-acre property at the corner of Beechwood Avenue and West 15th Street for $4.76 per SF.

Crowne Partners Inc. of Birmingham, Alabama, was the seller.

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

The National Bank of Georgia in Athens financed the purchase with a three-year mortgage of $2.86 million.

 

Cottonwood Center

A 14,974-SF commercial building in the Cottonwood Village subdivision off J Street in Bentonville recently sold for $1.26 million, a purchase price of $84.47 per SF.

Royal Rangers LLC, led by Anitha Yernini, bought the multi-tenant property at 2200 S.E. J St. from J Street Partners LLC, led by Yuval Hazon.

Hometown Bank N.A. in Pineville, Missouri, provided financing with a mortgage of $1.14 million.

The single-story development on 1.51 acres was built in 2004 and last appraised in 2013 for $1.26 million.

 

Newhaven Residence

A 5,123-SF home in Phase IV of the Pinnacle subdivision of Rogers has a new owner after a sale worth $952,000, a purchase price of $185.82 per SF.

Emily McNeal purchased the property on Newhaven Court from Michael and Susan Moore.

UBS Bank USA in Westlake, Texas, provided financing with a 30-year mortgage of $714,000.

Stewart Title in Bentonville was the title agent.

The home was built in 2012 and appraised in 2015 for $825,850. Moore bought the home in February 2012 from RSJ Property Management LLC for $1.05 million. RSJ bought the lot from Brady and Melinda Hill in September 2008 for $153,000.

Hill bought the lot and one other from Tallchamps LLC for $236,000.

 

Dogwood Canyon Estate

A 3,900-SF European estate home in the The Estates at Dogwood Canyon subdivision just off Howard Nickell Road in Fayetteville recently sold for $875,000.

Don and Sheroll Walker bought the West Cedar Ridge Lane home from Sam and Jaime Pittman. The purchase price equals $224.35 per SF

Arvest Bank of Fayetteville helped finance the deal with a 15-year mortgage of $250,000.

Waco Title Co. of Springdale was the title agent.

Martha Haguewood with Lindsey & Associates of Fayetteville had the listing.

Pittman bought the home and 2.16-acre lot from Michael and Melinda Thompson in April 2013 for $769,000.

Thompson bought the lot in July 2010 for $150,000.

Majestic Custom Homes Inc. of Springdale, led by Casey Curlee, built the four-bedroom home in 2011. 

 

Berkley Building

A 10,800-SF retail/office center in northwest Bentonville has a new owner after a sale worth $850,000.

Printz Ltd. of Allen, Texas, led by Darren Printz, paid $78.70 per SF for The Berkley Shoppes development at 3201 N.E. 11th St., near the intersection of Arkansas Highway 72 and Interstate 49.

Robert C. Norman and Lawrence Duane Rhodes, through their NorRho LLC, were the sellers.

Daniel Hawes with Landmark Real Estate & Investment LLC of Fayetteville represented the seller.

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

The multi-tenant property is 100 percent occupied. The single-story development on 1.05 acres was built in 2004 and appraised in 2014 for $1.2 million.

NorRho bought the building in May for $600,000. The development was 28 percent occupied at the time of the sale.

 

Premier Property

A 3,600-SF former bank branch in Bella Vista has been sold for $525,000.

Derm Partners LLC, led by Missy Clifton and Kattie (pronounced Katy) Allen, purchased the property at 14 Riordan Road.

Bank of the Ozarks in Bentonville provided financing with an eight-year mortgage of $800,000.

Lenders Title Co. of Little Rock was the title agent.

The building was built in 2000 and appraised in 2015 for $1.19 million. The property was previously owned by Louisiana-based IberiaBank, a subsidiary of IberiaBank Corp.

The bank exited its Bella Vista location in November 2012.

Clifton and Allen are principals of Bentonville-based Premier Dermatology and Skin Renewal Center. The business will relocate its current Bella Vista location at 5 Cunningham Corner to the bank branch once the property has been renovated.