Real Deals: Texas investor pads NWA portfolio with $23.4M purchase

A 168-unit multifamily community in Springdale sold recently for $23.4 million. The purchase price equals $139,285 per unit.

Trevor Shakiba, president of Houston-based real estate investment company Shakiba Capital, bought the 15.2-acre The Reserve at Springdale development located in an Opportunity Zone at 3314 S. Old Missouri Road. Brooks Norris, president and CEO of Fort Smith-based Norris Companies was the seller.

First National Bank of Fort Smith backed the deal with a 10-year loan worth $17.5 million. Waco Title Co. of Springdale was the title agent.

Norris paid $1.04 million for the land ($2.20 per square foot) in March 2020. Land development and site prep started in 2021, and construction is nearing completion. Shakiba said residents will hopefully begin moving in by November. When the property sold, 90 units were leased for a 54% occupancy rate.

The development includes duplexes and apartments with one-, two- and three-bedroom floor plans ranging from 726 to 1,127 square feet. Lease rates range from $899 to $1,179. It also includes 36 climate-controlled storage units, a cabana, a pool and a clubhouse.

The property manager is Amy Bors, president of Tulsa-based Winfield Property Management.

Shakiba also owns the 162-unit The Reserve at Tontitown at the corner of Klenc Road and U.S. Highway 412 in Tontitown. He paid $20.2 million for that project in December 2020.

LEADERSHIP LAND
Real estate developers closed a deal recently to buy 80.05 acres north of Cave Springs in Benton County for $5.16 million. The purchase price equals $1.48 per square foot.

Leadership Properties partners Bob David and Julie Vaught, through their Three Flags Investments LLC, bought the property south of West Scoggins Lane.

First National Bank of NWA in Rogers backed the deal with an 18-month loan worth $3.15 million. Waco Title Co. of Springdale was the title agent.

Leadership Properties is the development group behind the Scissortail, Oak Tree and Aurora neighborhoods in Benton County. The West Scoggins Lane property is immediately north of the gated Scissortail neighborhood on West Haxton Road west of Shadow Valley Country Club.

Leadership Properties plans to eventually develop the land as additional Scissortail phases. David said he is hopeful to have lots available for sale by the summer of 2024.

DOWNTOWN FAYETTEVILLE
A century-old residence renovated into a professional office building in downtown Fayetteville sold recently for $1.04 million.

Jump LLC, led by James Underwood, bought the 3,292-square-foot building at 225 N. East Ave. William Spaine Trust was the seller. The purchase price equals $315.91 per square foot.

First National Bank of Eastern Arkansas financed the deal. City Title & Closing was the title agent. Anthony Smith with United Country NWA Real Estate represented the buyer. Jeff Pederson with Lindsey & Associates represented the seller.

Fayetteville Psychotherapy Associates was the building’s previous tenant. The property includes living quarters on the second level.

CAR WASH PLANS
A 1.09-acre commercial property on College Avenue in Fayetteville sold recently for $815,000.

Commercial real estate firm Colliers Arkansas bought the property at intersection of Green Acres Road (1765 N. College Ave.). Limited liability companies controlled by Jake Newell, Ray Osment and Mitch Moore were the sellers.

City Title & Closing of Fayetteville was the title agent.

Colliers is the development partner with Little Rock-based Splash Carwash. They plan to redevelop the property, which includes a vacant hotel that will be razed, with a new tunnel car wash.

Sterling Bank in Fayetteville is backing construction with a two-year loan worth $4.65 million.

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.