Real Deals: New owner pays $29M for Bentonville multifamily asset

by Paul Gatling ([email protected]) 2,397 views 

A 194-unit multifamily development in Bentonville changed hands recently for $29 million. The purchase price equals $149,484 per unit.

Weidner Apartment Homes, a privately-held global real estate investment and property management company in Kirkland, Wash., bought the Harbin Pointe apartment community, south of the intersection of Southwest Regional Airport Boulevard and Southwest Morning Star Road. Hamilton Point Investments, a Connecticut-based private equity firm, was the seller.

Harbin Pointe is a ‘Class A’ garden-style apartment community made up of 31 buildings on 16.04 acres. Construction was completed in 2007. The unit size ranges from 660 to 960 square feet, and the average lease rate is $862 per month.

Hamilton Point paid $16.7 million for the property in February 2018. Moriah Real Estate Co. of Texas was the seller.

WALMART ACQUISITION
Walmart Inc. added to its land holdings along Bentonville’s 8th Street corridor in a recent deal worth $5.5 million.

The Bentonville retailer bought eight lots totaling 2.71 acres at the southwest corner of Eighth Street and Moberly Lane, across from the David Glass Technology Center. The purchase price equals $46.59 per square foot.

8M Corner LLC, managed by Troy Link, was the seller. City Title & Closing was the title agent. Link is president of Link Snacks Inc. of Minong, Wis., which produces Jack Link’s beef jerky products and is the largest meat snack brand in the country.

8M acquired the lots from July 2015 through July 2016 in separate deals worth $1.27 million. The purchase price equaled $10.76 per square foot.

TONTITOWN OFFICE
A 21,068-square-foot office building in Tontitown changed hands recently for $4.8 million. The purchase price equals $227.83 per square foot.

Central States Manufacturing Inc. of Lowell bought the 3.2-acre property at 171 Naples St. David McClellan Wright and Diana Lyndall Wright Living Revocable Trust was the seller.

Wade Smith with Colliers Arkansas in Rogers represented the seller. City Title & Closing was the title agent.

The single-story building was built in 2016 and will be fully occupied by the new owner for its corporate headquarters. Central States makes metal roofing, siding and building components such as roofing and siding.

The company expects to occupy the building by February 2022.

BENTONVILLE COMMERCIAL
A 26,328-square-foot commercial building in Bentonville changed hands for $4.06 million. The purchase price equals $154.27 per square foot.

Mound Prairie Ranch LLC of Florida bought the building at 2910 S. Walton Blvd.  Dean Eisma and Matt Mawby were the sellers.

City Title & Closing of Fayetteville was the title agent.

Building tenants include Rapid Prototypes and Open Mortgage. The single-story building was built in 2004.

APARTMENT SALE
A 16-unit apartment complex with recent upgrades sold recently for $1.9 million. The purchase price equals $118,750 per unit.

Next Gen Equities LLC, managed by Kyle Atkins, bought the property at 856-898 Curtis Drive in Fayetteville. Twins Junior LLC, whose members include Roger Cunningham Jr., David Savage Jr., Keith Faught and Kevin Faught, was the seller.

Missouri-based Century Bank of the Ozarks backed the deal with a $1.52 million loan. Waco Title Co. of Springdale was the title agent. Roger Cunningham with Robbins Realty in Farmington represented the seller.

The 1.29-acre property has two buildings with eight units per building. It was built in 2002 and includes 18,944 square feet.

Twins Junior paid $1.36 million for the property in October 2020. Abaco International Group LLC was the seller.

PRAIRIE GROVE ESTATE
A 12.9-acre estate home in Prairie Grove sold recently for $1.2 million.

Payton Sims bought the 3,302-square-foot residence on North Highway 170 from Ryan Vanzant. The purchase price equals $363 per square foot.

Firstar Bank in Fort Smith financed the deal with a 30-year, $960,000 loan. Waco Title Co. of Fort Smith was the title agent. Rylan Sims with Weichert, Realtors-The Griffin Co. in Fayetteville represented the seller.

Vanzant paid $80,000 for 7.9 acres in 2014 and built the house that year. He acquired the remaining acreage in 2018 for $99,000.

HARDWARE HOLDINGS
A 15,000-square-foot commercial building in Gentry changed hands recently for $1.16 million.

Rai & Pandher Investments Inc., led by Hardep Singh, bought the 3.84-acre development at 905 S. Gentry Blvd. Parakeets LLC, managed by Randy and Sharon Bever, was the seller.

Equity Bank in Pea Ridge backed the deal with a 20-year loan worth $1.75 million. Advantage Title & Escrow in Fayetteville was the title agent.

The building tenant will remain with a different name. Singh bought the business, Bever’s Ace Hardware, for an undisclosed price and renamed it to Gentry Ace Hardware.

COLLEGE AVENUE SALE
A 13,988-square-foot commercial building in Fayetteville changed hands recently for $1 million.

Arkatire Holdings LLC, managed by Will Helton, bought the 0.85-acre development at 614 N. College Ave. M&A UAT LLC, led by Mel and Aime Collier, was the seller.

Russellville-based First State Bank backed the deal with an $850,000 loan. City Title & Closing of Fayetteville was the title agent.

University Auto & Tire will remain the building tenant. Collier also owned the business but sold it to Helton for $250,000.

Collier owns Fayetteville-based Collier Drug Stores Inc.

“The pharmacy has been taking up all of our time since COVID started, and we simply couldn’t continue to effectively run the auto shop,” he said.

Collier acquired the property and business from Don and Lola Dingledine in July 2015 for $375,000.

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.