Real Deals: California investors pay $3 million for Rogers townhouse portfolio

by Paul Gatling (pgatling@nwabj.com) 774 views 

A portfolio of 40 townhouse units in Rogers has changed hands for $3 million. The purchase price equals $75,000 per unit.

Desert Crest Coventry Meadows Estates LLC of California, which lists Richard J. Kirk as managing member, bought the properties at 500-635 N. Seventh St.

L.D. Gibson Properties North LLC, whose members include Larry and Debbie Gibson, was the seller.

Great Southern Bank in Rogers provided financing with a seven-year mortgage worth $2.25 million.

Chris Demarest with Lindsey & Associates was the listing agent. Melinda Cox with Coldwell Banker Harris McHaney Faucette was the buyer’s agent. Mercury Title was the title agent.

Each two-bedroom unit has 950 square feet and a one-car garage.

APARTMENT ACQUISITION
An 82-unit apartment complex in Springdale has changed hands for $2.9 million.

LW Foxfire LLC, whose members include Jerry Laxen and Brian Wagers, bought the two-story Foxfire Apartments at 1701 S.W. End St.

Pal Joey Properties LLC, led by Charles G. Palmer, was the seller.

Arvest Bank backed the deal with a five-year, $2 million loan. City Title & Closing of Fayetteville was the title agent.

Zack Kifer represented the seller in the transaction. Kifer, Josh Singleterry and Paul Esterer, all with Newmark Moses Tucker Partners in Bentonville, represented the buyer.

The 4-acre development was built in 1980 and was fully leased at the time of the sale.

DOWNTOWN CONDO
A condominium on the Fayetteville square changed hands recently in an all-cash deal worth $1.05 million. The purchase price equals $380.84 per square foot.

River Pointe Development LLC bought the 2,757-square-foot unit on East Center Street. The seller was Niblock Investments LLC, the real estate investment arm of George Niblock, a Fayetteville attorney and investor, and his wife Suzanne.

The transaction was negotiated by their son and business manager, George Niblock Jr. The listing agent was Richard Gathright at Collier & Associates in Fayetteville. Alexandra Richardson with RichSmith Properties in North Little Rock was the selling agent.

The two-bedroom unit was built in 2007 and renovated in 2016. Niblock paid $800,000 for the property in May 2016.

CAERLEON CLAIM
A 4,470-square-foot residence inside Bentonville’s gates St. Valery Downs neighborhood is off the market after a recent sale worth $720,000. The purchase price equals $161.07 per square foot.

Ryan Harrington bought the five-bedroom home on Caerleon Circle from The Dean Jones Living Trust.

Wells Fargo Bank N.A. provided financing. Waco Title Co. of Springdale was the title agent.

John Mayer with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent. Mya Adloo with Coldwell Banker Harris McHaney Faucette in Bentonville was the selling agent.

The home was built in 2011 and appraised in 2018 for $666,400. Edward Jones II and Mark Brodeur bought the home in April 2011 from Payne Construction Inc. for $600,000. Payne bought the lot in June 2010 from S.F. Investments Properties Co. LLC for $57,000. S.F. Investments bought the lot in August 2004 from The Arnold D. Lehman Revocable Trust for $77,000.

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