Real Deals: Trinity Multifamily, LA partner close $7 million acquisition

by Paul Gatling ( 786 views 

A Los Angeles-based real estate investment and advisory firm and its Arkansas-based partner have added to their holdings in the state with three multifamily acquisitions totaling $7 million.

AndMark Management Co., led by Mark Mosch, and Trinity Multifamily of Fort Smith, led by Dave Pinson, added to their portfolio with the following properties:
• Crown Ridge, a Class B asset at 1140 W. Cato Springs Road in Fayetteville; 58 units; $1.8 million ($31,034 per unit). The seller was Garland Square Properties LP.
• Crown Ridge, a Class B asset at 7114 Texas Road in Fort Smith; 60 units; $2.4 million ($40,000 per unit). The seller was Cavanaugh Square Properties LP.
• Eastwood Apartments, a Class C asset at 1011 S. James St. in Jacksonville; 96 units; $2.8 million ($29,166 per unit). The seller was Gray Joint Revocable Trust.

All three properties will be managed by Trinity Multifamily, who manages most of AndMark’s approximately 30 properties throughout the Midwest.

Rural Acreage
In four separate deals earlier this year, a Texas investor staked a claim to 1,497.56 rural acres in southwest Washington County for a combined $3.57 million.
XXL Ranches LLC, through its management partner, Cheney Management Co. LLC, led by Menzo and Lora Anne Cheney, acquired the following property:
• 460.62 acres in Evansville; $783,054. The sellers were Keith and Lois Gardner.
21853 Hale Mountain Road in Evansville; 249.64 acres with a 3,280-square-foot log home; $1.1 million. The seller was Heidi Roulet.
• 20470 Hale Mountain Road in Evansville; 86.3 acres with a 2,133-square-foot residence; $223,600. The sellers were Douglas and Rebecca Smith.
• 701 acres in Evansville; $1.47 million. The sellers were William and Jana Fae Cole.

Waco Title Co. of Springdale was the closing agent. Jeff Clifton, co-owner of Mossy Oak Properties in Jane, Mo., was the buyers’ agent in all four transactions.

Clear Creek Residence
A private European estate in Phase III of the Clear Creek neighborhood in Johnson recently sold for $1.17 million. Community Funding LLC, a Delaware-registered entity, bought the 5,356-square-foot residence on Prestwick Circle. The purchase price equals $219.38 per square foot.

Scott and Shizuko Price were the sellers. Waco Title Co. of Springdale was the title agent. The Hammond Team with RE/MAX Real Estate Results in Bentonville was the listing agent.

The home was built in 2005 on 1.32 acres. Price paid $870,000 for the property in May 2014. Matthew and Diann Muratore were the sellers.

Insulated Deal
A 5-acre commercial development in Bethel Heights totaling 19,800 square feet is now tenant-owned after a sale worth $1.05 million. Trinity Land Development LLC of Missouri, led by Britt Gardner, bought the two buildings at 645 Hatcher Road. They include a 15,000-square-foot office/warehouse building and a 4,800-square-foot storage building.

Tripp Rentals LP of Missouri, led by Raymond D. Tripp, was the seller. OakStar Bank in Springfield, Mo., provided financing with a mortgage of $840,000. Waco Title Co. of Springdale was the title agent.

Britt and Maribeth Gardner are the owners of Nixa-based G5 Enterprises Inc., which works in the insulation space. One of the company’s businesses is Arkansas Insulation, the tenant of the Hatcher Road property.

The single-story building was built in 2005 and appraised in 2016 for $1.06 million. Tripp Rentals bought the land (5 acres) in December 2004 for $275,000.

Cottonwood Address
A 5,040-square-foot commercial building in Bentonville recently sold for $960,000. The purchase price equals $190.47 per square foot. 2403 SE Cottonwood LLC, led by John Przybysz, bought the single-story building at the same address.

ACD LLC, led by Donald and Amy Coenen, was the seller. Bank of the Ozarks in Fort Smith provided financing with a seven-year loan of $816,000. City Title & Closing LLC of Fayetteville was the title agent.

Przybysz is managing partner of Przybysz & Associates CPAs, one of the building tenants. The Fort Smith-based firm also has an office in Fayetteville. The Cottonwood building, which also has Allan Taylor & Co. as a tenant, was built last year. It appraised last year for $750,750.

City Library
A former grocery store in Prairie Grove is now owned by the city following a $775,000 sale. The city of Prairie Grove purchased the 14,742-square-foot building at 881 W. Buchanan St. The purchase price equals $52.57 per square foot.

Harp’s Food Stores Inc. was the seller. The city is planning to convert the single-story building into a public library. Harp’s paid Walmart Inc. $700,000 for the building in June 2016. It was previously a Walmart Express. Walmart paid $247,000 for the building in February 2011.

Straube Sale
Bank-owned commercial lots in the Straube Business Park in Bentonville recently sold for $450,000. Vajinder Singh and Jasminder Singh bought six lots totaling 5.63 acres on Southwest Runway Drive. The purchase price equals $1.83 per square foot. The property is just off Southwest Regional Airport Boulevard (Highway 12), across from the Walmart Distribution Center.

Little Rock-chartered Central Bank (formerly Pinnacle Bank) was the seller. City Title & Closing of Fayetteville was the title agent. Central Bank in Bentonville financed the deal with a $337,500 loan.

Goodfellas Grab
A residential site for future development near downtown Bentonville changed hands recently for $315,000.

3 Goodfellas Real Estate LLC, led by led by Patrick Sbarra, along with partners Dale Brunk and Nick Hobbs, bought the 3,220-square-foot residence at 402 S.E. Sixth St. The home has already been razed, and the purchase price of the 0.28-acre lot equals $25.83 per square foot.

6th and LLC, led by Jake Newell and Thomas Ufer, was the seller. City Title & Closing LLC of Fayetteville was the title agent.

The property is two blocks west of the Momentary, along the Sixth Street corridor connecting the city’s designated Arts and Market districts. Sbarra is also a partner with Todd Renfrow in Lamplighter Restorations LLC, which is currently developing townhomes and a mixed-use property near the Momentary.

“The plan is for 3 Goodfellas to work in concert with Lamplighter to craft a beautiful and vibrant community nestled between the Arts and Market districts,” Sbarra said. “If the numbers work and the city helps with zoning and parking, it would be very cool to build 10 to 12 artists’ lofts over a hip café on the 402 property.”
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