An 11.7-acre development in Tontitown that includes an apartment complex and duplexes was sold Dec. 8 for a combined $20.25 million.
In separate deals, 153 Apartments LLC of Springdale, led by Trevor and Christina Shakiba of Houston, acquired the development at Klenc Road and U.S. Highway 412 in Tontitown. The apartments and duplexes have been consolidated into one development, The Reserve at Tontitown.
The First National Bank of Fort Smith backed the purchase with a five-year, $15.18 million loan.
The sellers for the duplexes and apartments were Ruscelli Villas LLC and Reserve at Tontitown Apartments LLC, respectively. Brooks Norris, president and CEO of Fort Smith-based Norris Companies, established the selling entities in 2019. Norris’ businesses also served as the developer, general contractor and owner for the larger 16.3-acre development. The 28,500 square feet of commercial real estate space along the highway was not part of the deal.
“I love the area. Absolutely love Northwest Arkansas, love the development that’s happening and population growth, job growth, how pretty it is,” said Trevor Shakiba, president of Houston-based real estate investment company Shakiba Capital. “[We’re] certainly looking for great investments in the multifamily sector.”
The Shakibas are managing partners in the new development and have limited partners in the deal. The property manager is Amy Bors, president of Tulsa-based Winfield Property Management. Leasing is underway for the development, and some duplexes are occupied.
“We officially are open and certainly have residents already,” Trevor Shakiba said. Amenities include a clubhouse, fitness center and 36 climate-controlled storage units, he added.
The 30 duplex units each include three bedrooms, two bathrooms and a two-car garage. The 132-unit apartment complex, includes 36 one-bedroom, 64 two-bedroom and 36 three-bedroom units.
An open house is set for Jan. 15.