Real Deals: 356-unit apartment complex in Bentonville sells for $34M

by Paul Gatling ([email protected]) 2,774 views 

A 356-unit apartment development in Bentonville has changed owners in a deal worth $34 million.

Hamilton Point Investments, a Connecticut-based a real estate private-equity investment company specializing in multifamily properties, bought the Glen at Polo Park development at 6601 S.W. Mallet Road. The purchase price equals $95,505 per unit.

The 18.5-acre property is west of the Benton County Fairgrounds on Vaughn Road near highways 12 and 279.

Maxus Properties of North Kansas City, Mo., was the seller. KeyBank National Association in Kansas backed the deal with a $24.1 million loan. Waco Title Co. of Springdale was the title agent.

Maxus Properties paid $17 million for the property in June 2011.

SPRINGDALE MULTIFAMILY
A 52-unit apartment complex in Springdale changed owners for $2.5 million. The purchase price equals $48,076 per unit.

Moore Community LLC, led by Corey Runnells, bought the 5-acre development at 2000 Horseshoe Drive. Down Home Rental Properties LLC, registered to Rob Kimbel, was the seller.

The property had an occupancy rate of 91% at the time of the sale.

City Title & Closing in Fayetteville was the title agent. Generations Bank in Fayetteville backed the deal with a $2.11 million loan.

The property last changed hands in June 2017 for $2.1 million.

JOYCE DEVELOPMENT
A 2,688-square-foot retail building in uptown Fayetteville changed hands in a $1.5 million deal.

Joyce QSR Holdings, managed by Jordan Jeter, bought the 1.04-acre property at 272 E. Joyce Blvd., in Phase III of the Spring Creek development. The purchase price equals $558 per square foot.

Restsinvest III of Oklahoma, led by Richard Verity, was the seller.

Simmons Bank of Pine Bluff provided financing with an eight-year loan of $1.27 million. City Title & Closing of Fayetteville was the title agent. David Erstine and Hunter Groce with CBRE in Fayetteville were the listing agents.

The single-story building was built in 2005 and is vacant. It was most recently leased to Taco Bueno. The buyer will have a new tenant.

The building last sold in December 2018 for $1 million.

VALVOLINE VALUE
New retail construction in Bentonville sold recently for $1.34 million.

Springfield Holdings Group, a Little Rock-based commercial real estate development company, bought the 2,435-square-foot building at 404 S.W. 14th St. The purchase price equals $550.30 per square foot.  Leon Capital Group of Dallas was the seller.

The single-story building was built in 2019 and the tenant started a 15-year lease in September.

Valvoline is the tenant. The building is triple-net ground leased with a cap rate of 5.75%.

DOWNTOWN CONDO
New condominium construction in downtown Fayetteville recently sold for $629,000.

Niblock Ventures, led by George Niblock Jr., bought the 1,962-square-foot unit in the building on North Church Avenue, a half-block off Dickson Street. The purchase price equals $320.59 per square foot.

Mark Zweig Inc. of Fayetteville was the seller.

The Bank of Fayetteville provided financing and Lenders Title Co. of Fayetteville was the title agent. Dale Carlton with Carlton Realty Inc. of Fayetteville represented the seller.

Zweig paid $712,500 for the vacant building in May 2016. It’s now called Dickson Square Condominiums, a two-story property with five units, each with their own garage. There are three remaining for sale, all for more than $600,000.

The building was built originally in 1965 and designed by architect Warren Seagraves.