A $7 million residential project near downtown Bentonville is nearing completion. Baumann & Crosno Construction of Fayetteville is leading development of The Brownstones at the northwest corner of Northwest Third and A streets. Quality Housing Partners LLC is the land owner.
Rick Dybas is the project manager. First National Bank of NWA is providing financing.
The 0.63-acre site has two buildings — a 10,000-square-foot building with four units and a 15,000-square-foot building with six units. Multiple floor plans are available, all with four bedrooms, 15-foot ceilings, two-car garages and high-end finishings.
Each unit is listed for sale with Limbird Real Estate Group of Rogers starting at $275 per square foot.
Lane Crosno Designs of Fayetteville is handling the design work for six of the 10 units. The remaining four will be designed in collaboration with the buyer. Bates and Associates of Fayetteville is the engineer. Others subs working on the project include Advanced Concrete Services, Kimbel Mechanical and T&T Green of Fayetteville, Super Mario’s Painting of Springdale and Palma Stucco of Rogers.
• Multifamily Investment
A 108-unit multifamily development in Siloam Springs has a new owner after a recent sale worth $5.2 million. The purchase price equals $48,148 per unit.
NWA Community Builder LLC, registered to Fayetteville attorney Todd Lewis, acquired the 99,756-square-foot Remington Park Apartments at 1050 N. Britt St. Triple 7S Properties LLC, managed by Justin Underwood, was the seller. Fayetteville-chartered Signature Bank of Arkansas provided financing with a two-year mortgage of $4.42 million.
The two-story development was built in 2003 and appraised this year for $3.66 million. The property includes 72 two-bedroom units that are 987 square feet, and 36 one-bedroom units that are 774 square feet. The property also has a two-bedroom manager’s office in the clubhouse. The property last sold in December 2014 for $3.5 million.
• Sale-Leaseback Deal
In a sale-leaseback transaction, a 30,573-square-foot commercial development in Gentry has a new owner after a sale worth $3.17 million.
Arizona real estate investor Vereit Inc., through its Cole GS Gentry AR LLC, bought the 4.62-acre development at 300 S. Gentry Blvd. (Arkansas Highway 59).
David Erstine of Fayetteville and Will Lightfoot of Oklahoma City with CBRE were the listing agents.
Harps Foods Stores Inc. of Springdale was the seller. The initial lease term ends in 2032. Harps Foods occupies about 23,500 square feet of the building. The remainder is occupied by O’Reilly Auto Parts. City Title & Closing of Fayetteville was the title agent.
Harps Foods acquired the property, formerly a Marvin’s IGA, in April 2016 for $1 million. James Family Properties was the seller. The grocery store space was remodeled and opened in September 2016.
• Fiddlesticks Purchase
New residential construction in the gated Pinnacle Country Club neighborhood of Rogers sold recently for $1.2 million.
Ron and Heidi Pachura bought the 4,380-square-foot custom home on South Fiddlesticks Trail from Pro 163 LLC, managed by John and Angela Starnes of Rogers. Andigo Credit Union of Illinois provided financing. Realty Title & Closing Services LLC of Rogers was the title agent. Marcus Necessary with Weichert, Realtors — The Griffin Co. in Bentonville was the selling agent.
The home was built this year and includes four-car garage, media room and backyard entertainment area with linear fire pit, grill, bar and covered living space. John Starnes designed the home and Clearwater Construction of Springdale was the builder.
• Bloomington Buy
A commercial sale in Lowell registered $1.03 million. Bria Properties LLC, led by Jerry Davidson, bought the 6,000-square-foot retail building at 803 N. Bloomington St.
Indiplex LLC, managed by John Rodney, was the seller. Both entities are registered in California. Iowa-based Denver Savings Bank provided financing with a 30-year, $775,000 mortgage.
The free-standing building was built in 2006 on a 0.51-acre lot and has a cap rate of 6%. It has been occupied since 2006 by building materials company The Sherwin-Williams Co., which has nine years remaining on its current lease.