Real Deals: Apartment deals in Rogers top a combined $92 million

by Paul Gatling ([email protected]) 1,708 views 

A Missouri-based real estate company recently paid $55.99 million for a 426-unit multifamily asset east of Interstate 49 in Rogers. The purchase price equals $131,443 per unit.

Limited liability companies controlled by Block Real Estate Services in Kansas City, Mo., bought the 20.2-acre Woodland Park development at 4000 S. Dixieland Road, north of Pleasant Grove Road. The craftsman-style development features two- and three-bedroom townhomes with and without garages and one- and two-bedroom flats. Sizes range from 720 square feet to 1,513 square feet. The property includes a clubhouse, fitness center, playground and resort-style swimming pool.

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

The sale was backed with a 10-year Freddie Mac loan of $42.01 million from NorthMarq Capital LLC of Minnesota.

City Title & Closing of Fayetteville was the title agent.

WATERMARK DEAL
Watermark on Walnut Creek Apartments in Rogers has been purchased by a Minnesota-based real estate company for $36.95 million.

Timberland Partners, a real estate investment, management and development firm based in Minneapolis, purchased the 220-unit property at 600 S. Promenade Blvd. The purchase price equals $167,954 per unit. The 14.15-acre development is just south of Walnut Street.

Watermark Residential, the apartment arm of Indiana-based developer Thompson Thrift, was the seller.

The sale was backed with a $28.14 million loan from Berkadia Commercial Mortgage.

The new owners have rebranded the property as Meridian at Walnut Creek. The 22-building complex has a mix of one-, two- and three-bedroom apartments plus a pool, clubhouse and other amenities characteristically found in a Class A, multifamily community. The property has floorplans ranging from 873 to 1,654 square feet. The average unit size is 1,224 square feet. The occupancy rate at the time of the sale was 95%.

Watermark bought the land for $2.92 million in 2015 from Pine Bluff-based Simmons Bank, the successor of the property by its acquisition of Metropolitan National Bank in November 2013. It previously belonged to Little Rock developer John Aaron Rees.

CHILDCARE DEVELOPMENT
A single-story commercial building near U.S. Highway 71B in Springdale sold recently for $900,000.

Vito Groups LLC, led by Bhagawan Kanappa, bought the 10,385-square-foot building at 2920 American St. The purchase price equals $86.66 per square foot. Heathman Properties LLC was the seller.

United Bank of Springdale provided financing with a 20-year loan of $1.18 million. Realty Title & Closing Services of Rogers was the title agent.

Steve Fineberg and Brennan Sharpe with Steve Fineberg & Associates in Bentonville were the listing agents.

The building has a current tenant: Western Arkansas Child Development.

BENTONVILLE LAND
Two parcels in Bentonville totaling 10.59 acres sold recently for $750,000. The purchase price equals $1.63 per square foot.

28th & I Street LLC, a Delaware-registered entity, bought the land at 1401 S.W. Second St. The property is situated south of the intersection of Southwest Second Street and Arkansas Highway 72, west of Walton Boulevard. Ben and Erin Kiefer were the sellers.

Waco Title Co. of Springdale was the title agent. Tara Limbird and Jason Curtis with Limbird Real Estate Group of Rogers were the listing agents.

Future use of the property is related to trail and park development.

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