Real Deals: Bentonville apartments on I Street sell for $63.6 million

by Paul Gatling (pgatling@nwabj.com) 1,161 views 

Sullivan Square Apartments in Bentonville has been purchased by a Minnesota-based real estate company for $63.6 million.

Timberland Partners, a real estate investment, management, and development firm based in Minneapolis, purchased the 535-unit property at 1102 S.W. Sullivan Way. The purchase price equals $118,878 per unit. The 24.5-acre development is just off I Street across from the Bentonville Municipal Airport.

The sale was backed with a $48 million Fannie Mae loan from Berkadia Commercial Mortgage.

SullivanSquareBentonville LLC, an entity controlled by Orchard Properties of Fayetteville, was the seller.

The 35-building multifamily asset consists of townhomes with and without garages and one-, two- and three-bedroom units with an average unit size of 917 square feet. Construction was completed in two phases over the past two years, and the property includes a clubhouse, fitness center, playground and resort-style swimming pool. The property was 99% occupied at the time of the acquisition.

“We’re really excited about the opportunity to acquire Sullivan Square,” said Matt Fransen, Timberland Partners’ chief investment officer. “Northwest Arkansas has been a region that has been on our radar for a few years now. You can’t help but be excited about the growth of the region and the high quality of life the area provides. Sullivan Square is an attractive asset that provides an outstanding living experience for its residents.

“We’re looking forward to continuing our growth throughout Northwest and central Arkansas.”

Timberland Partners owns and operates 71 apartment communities in 15 states totaling 14,509 units.

INDUSTRIAL SALE
The sale of a 186,250-square-foot industrial property in Van Buren tipped the scales for $3 million. The purchase price equals $16.10 per square foot.

Tri-State Enterprises Inc. of Fort Smith, through its T&O Enterprises LLC, bought the 6.24-acre development at 1510 Virginia Cove. Darrell Robinson, through his Van Buren Central Warehouse LLC, was the seller.

David Tyler with Ghan & Cooper Commercial Properties in Fort Smith was the listing agent.

Waco Title Co. in Springdale was the title agent.

The single-story building was built in 1970 and has 11 loading docks. The current tenant is Fort Smith-based logistics company MP Warehouse. Ghan & Cooper facilitated that lease in July 2018.

Before closing in 2013, Allen Canning Co. was the previous tenant of the property.

KFC CLAIM
The sale of a 3,384-square-foot KFC restaurant property in Rogers closed recently for $1.54 million. The purchase price equals $457.15 per square foot.

Hakuna Matata Properties LLC of California bought the single-story building at 507 S. Eighth St. Kansas-based KBP Foods, the largest KFC franchisee in the U.S., was the seller.

City Title & Closing of Fayetteville was the title agent.

KFC has an absolute triple-net lease on the property through 2038.

The property last sold in November 2018 for $1.31 million.

OAK TREE RESIDENCE
A 4,889-square-foot residence in Centerton’s Oak Tree neighborhood has a new owner after a recent sale worth $1.05 million. The purchase price equals $214.76 per square foot.

Moore and Tami Tappan bought the residence on Oak Tree Drive from Jared and Brooke Neufer.

Arvest Bank provided financing with a 30-year loan worth $750,000.

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

Nicky Dou with Keller Williams Market Pro Realty in Bentonville was the listing agent.

The four-bedroom home was built in 2017 and appraised in 2018 for $943,900.

Neufer bought the 2.11-acre lot in February 2016 for $114,000. Oak Tree Associates LLC was the seller.

HORSE MEADOW HOME
A 4,534-square-foot residence in east Fayetteville’s Bridgewater Estates neighborhood is off the market after a sale worth $795,000. The purchase price equals $175.34 per square foot.

Christopher and Kathleen Moore bought the five-bedroom residence on Horse Meadow Drive from Christopher and Ulanda Terry.

Bank of Little Rock Mortgage provided financing.

Waco Title Co. of Springdale was the title agent.

Melanie Gabel with Lindsey & Associates of Fayetteville was the listing agent. Rhonda Balmer with Bassett Mix & Associates of Fayetteville was the selling agent.

The home was built in 2013 on 2.01 acres and appraised last year for $794,400. It was designed by architect Keith Warford of Fayetteville and built by Lee Scarlett, owner and founder of Celtic Construction of Fayetteville.

Terry bought the land in April 2012 for $93,000. GFB Investments LLC was the seller.

COPPER RIDGE ABODE
New residential construction in Little Flock’s Copper Ridge subdivision recently sold for $750,000.

Alejandro Castellvi bought the 4,500-square-foot home on Copper Ridge Road. The purchase price equals $166.67 per square foot.

Shannon and Pearl McElfish were the sellers.

Simmons Bank provided financing with a 30-year loan of $750,000.

Lenders Title Co. in Fayetteville was the title agent.

Joseph Hayes & Associates with Keller Williams Market Pro Realty in Bentonville was the listing agent. Capstone Design Build Inc. of Springdale was the builder.

The five-bedroom home was built in 2018 on a 1.02-acre lot. McElfish paid $159,000 for the land in January 2018.

BEAVER LAKE RESIDENCE
A 2,128-square-foot Ranch-style home on Beaver Lake in Garfield has a new owner after a sale worth $700,000.

White Linen Consultants LLC, registered to Tamara Martin of Fayetteville, bought the property on Cedar Creek Road. Harold and Janet Presley were the sellers.

Tricia Necessary with RE/MAX Real Estate Results in Bentonville was the listing agent.

Waco Title Co. in Springdale was the title agent.

The single-story home was built more than 25 years ago and has been upgraded several times in the past five years.

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