Fayetteville developer Mark Zweig has sold his Twin Arch motel project for $1.54 million.
Zweig has been renovating the long-vacant property at 525 N. College Ave. in Fayetteville since 2016. He said the rebuild is about 75% complete and the end result will be 17 upscale apartments.
Zweig, through his Mark Zweig Inc. business, bought the Twin Arch for $150,000 on Dec. 15, 2015. He said he sold the property as part of a continuing process to reduce his Fayetteville real estate holdings and cut back the operations of Mark Zweig Inc., a company he launched in January 2005. Zweig said the business has averaged about $5 million in sales annually.
“This sale is one of many we have already made this year with a number of other properties yet to be sold,” Zweig said. “It is all part of our scaling back of Mark Zweig, Inc., to free up time and monetary resources to pursue other things.”
Zweig discussed the strategy with the Business Journal earlier this year.
Danco Construction Co. is the new owner of Twin Arch. President Preston Wright said the company will complete the renovation over the next several months and then lease the units out.
“Mark and Sonya [Zweig] have just been great to work with getting this deal done,” he said. “We have been looking at [buying] this property since February.”
Wright said Danco is in the process of transitioning its headquarters from North Little Rock to Fayetteville. He and his wife relocated to Northwest Arkansas earlier this year. The company also owns Berry Flats apartments in Fayetteville.
“We feel great about selling Twin Arch to people who have a passion for high-quality residential rentals in Fayetteville and who share our vision for revitalizing North College Avenue,” Zweig said.
L&F Construction of Fayetteville is leading the renovation work at Twin Arch.
“We are pushing hard to get it finished and have folks in there by the first of the year,” Wright said.