Real Deals: New Jersey buyer pays $14.1 million for Bentonville asset

by Paul Gatling ([email protected]) 1,426 views 

A 102-unit apartment complex near the Benton County Fairgrounds in Bentonville sold recently for $14.1 million. The purchase price equals $138,882 per unit.

Advanced Precision Group of New Jersey, a multifamily management group, bought The Aviator near the intersection of Arkansas highways 12 and 279. Fayetteville developers David Fender and Johnny Smith, through their Aria Holdings LLC, were the sellers. Arvest Bank financed the deal with a $9.91 million mortgage. It matures March 1, 2023.

Aria paid $520,000 for the land (5.01 acres) in October 2019. First State Bank was the seller.

Construction of the nine-building development was completed earlier this year.

1031 EXCHANGE
A 26.5-acre land sale in Fayetteville along Joyce Boulevard registered a $4.6 million sale. The purchase price equals $3.98 per square foot.

2188 LLC and The Trails at Paradise Valley LLC, managed by Lyndy Lindsey, bought the property at the northeast corner of the Joyce Boulevard and Old Missouri Road intersection. Exdire II LLC, whose members include D. Luke Knox, was the seller.

Realty Title & Closing was the title agent.

The deal involved a 1031 exchange, a move that allows investors to avoid capital gains taxes when selling a property, as long as the purchaser buys a similar property with the profits.

Lindsey said there are no development plans for the property, which includes a farmhouse built in 1949. Business entities controlled by Lindsey own approximately 12.5 acres on the opposite side of Old Missouri Road.

HIGHFILL LAND
Two Benton County land deals in Highfill totaling 110.05 acres tipped the scales at a combined $2.77 million. The purchase price equals $0.58 per square foot.

Roth Custom Homes of Bentonville, through its Mud Puddle Investments LLC, paid $2.06 million for 76.14 acres. Dynamic Development Inc., led by Todd Fleeman, was the seller.

Mud Puddle also acquired an adjacent 33.91 acres for $716,107. Double Eagle Lands LLC, whose members include Steve Hagood and John Fricke, was the seller.

Cassie Elliott with Capstone Real Estate Advisors in Rogers represented the buyer. Chambers Bank in Rogers provided financing.

The land is west of Northwest Arkansas National Airport near the Mason Valley Road/Peterson Road and Highway 12 intersections in the Bentonville School District.

PINNACLE RESIDENCE
A custom 7,319-square-foot residence inside the gated Pinnacle Country Club neighborhood in Rogers changed hands recently for $1.66 million. The purchase price equals $227 per square foot.

George and Stacey Steiner bought the three-level home on St. Andrews Drive from Dick and Elizabeth Bond.

CrossCountry Mortgage LLC of Ohio funded the purchase with a 30-year loan worth $548,250. Waco Title Co. of Springdale was the title agent. The Duley Group with Keller Williams Market Pro Realty in Bentonville was the listing agent. Sapphire Team with Sapphire Realty in Bentonville represented the buyer.

The five-bedroom home was built in 2000. Bond paid $1.6 million for the 0.55-acre property in 2002. Raymond and Lydia McAllister were the sellers.

HEALTH HOLDINGS
A 7,000 vacant commercial building in Bella Vista sold recently for $750,000. The purchase price equals $107.14 per square foot.

JKC Health Investments LLC, managed by Kris Compton, bought the two-story building at 1889 Bella Vista Way. Bella Vista Post No. 341, The American Legion was the seller.

Searcy-chartered First Security Bank backed the deal with a one-year mortgage of $525,000. Waco Title Co. of Springdale was the title agent. Troy Jacobs with Coldwell Banker Harris McHaney Faucette of Fayetteville represented the seller. Matt Imhoff with Cushman & Wakefield Sage Partners in Rogers represented the buyer.

The 1.16-acre property was built in 2013.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.

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