Real Deals: Canyon View claims Stone Manor units for $33.6 million

by Paul Gatling (pgatling@nwabj.com) 605 views 

A tenant-in-common (TIC) investor from California has completed a $33.6 million multifamily deal in Rogers.

Canyon View Capital Inc. of Santa Cruz, which acquires and manages multifamily and commercial real estate for the benefit of its investors, bought 239 of the 254 units at the gated Stone Manor multifamily development at 5001 W. Stoney Brook Road. The purchase price equals $140,623 per unit. The remaining 15 units are privately owned.

RPD Catalyst of Beverly Hills, Calif., was the seller.

Canyon View has assumed the original $21.98 million loan from February 2015 from Deutsch Bank Trust Co. Americas. Lenders Title Co. in Little Rock was the title agent.

Stone Manor consists of one-, two- and three-bedroom floorplans. Amenities include a business center with a reading room, 24-hour fitness facility, pool, spa, full-sized washer and dryers in unit and high-speed internet. Some units have attached garages.

RPD paid $28.5 million for the property in February 2015. Stone Manor was originally built in 2004.

BURGER KING BUY
The sale of a 3,014-square-foot commercial building in Bentonville’s Commerce Centre development closed recently for $2.57 million. The purchase price equals $852.68 per square foot.

The Christoffers Revocable Trust, led by trustee Debra Christoffers, bought the single-story building at 1700 S. Walton Blvd. Kwangho Taehee LLC, managed by Kwang Ho Cha, was the seller.

Centennial Bank in Fayetteville provided financing with a $1.28 million loan. Waco Title Co. of Springdale was the title agent.

The single-story building was built in 2000 and remodeled in 2015. It is triple-net leased to Burger King, which has approximately 16 years left on a 20-year lease. The restaurant is operated by a franchisee.

The property last sold in October 2015 for $2.31 million.

PINNACLE ESTATE
A 6,470-square-foot estate home in the gated Pinnacle Country Club neighborhood in Rogers recently sold for $1.2 million. The purchase price equals $185.47 per square foot.

Jennifer and Ryan Anderson bought the five-bedroom home on Oxford Drive. Joseph and Jacqui Canney were the sellers.

Waco Title Co. of Springdale was the title agent. Dee Rodes with Portfolio Sotheby’s International Realty in Rogers was the listing agent. Wells Fargo Bank N.A. in Iowa provided financing.

The two-story home was built in 2006 and appraised in 2017 for $1.08 million.

Canney paid $1.28 million for the 0.76-acre property in August 2016. Eric and Elda Scott were the sellers.

FORGE FIND
A 3,000-square-foot commercial building near downtown Bentonville has changed hands for $950,000. The purchase price equals $316.66 per square foot.

Dalwarr LLC, led by Rex Warr, bought the vacant building at 407 S.W. A St. BOI Properties LLC, whose members include Frank Wallace and Lise Wentz, was the seller.

Waco Title Co. of Springdale was the title agent.

Warr said Rope Hounds will be moving into the building. Rope Hounds is a Bentonville-based company that makes and markets dog leashes.

The Forge Bentonville restaurant was the building’s most recent tenant. It closed earlier this year after three years in business. Before that, manufacturing business Bentonville Ornamental Iron was the longtime tenant.

BOI paid $195,000 for the single-story building in January 2009.

PROSPECT PROPERTY
A 3,405-square-foot home near Wilson Park in Fayetteville recently sold for $850,000. The purchase price equals $249.63 per square foot.

Jeff and Michelle Mullins bought the West Prospect Street residence from Mission Assets LLC, managed by Phil Crabtree.

Bank of America NA provided financing with a 30-year loan of $680,000.

Crabtree, a Realtor with Fayetteville-based Collier & Associates, was the listing agent. Waco Title Co. of Springdale was the title agent.

The four-bedroom home was built in 2017. Ron and Abby Novak paid $771,120 for the 0.21-acre property in March 2017. Mission Assets paid $795,000 for the residence in June 2019.

BEAVER LAKE HOME
A recently remodeled home on Beaver Lake in Rogers has sold for $735,000.

Colinas Legacy LLC, managed by Janet Bade, bought the 3,880-square-foot home on Admiral Nimitz Drive. The purchase price equals $189.43 per square foot.

JMH LLC, managed by Jay Howard, was the seller.

City Title & Closing of Fayetteville was the title agent. Brandy Pool with Lindsey & Associates in Rogers was the listing agent.

The home was built in 1969. The property includes a private boat dock and two boat slips. JMH paid $380,000 for the 0.88-acre property in March 2017. James and Donna Gibson were the sellers.

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