Real Deals: New Fayetteville multifamily property trades for $5 million

by Paul Gatling ([email protected]) 1,631 views 

New multifamily construction in Fayetteville sold recently for $5 million.

Mount Comfort LLC, led by David Frey, bought the 13-unit, two-building property at 1333/1339 W. Mount Comfort Road. The purchase price equals $384,615 per unit. MTC Townhomes LLC, led by Robert N. Schmitt, was the seller.

Arvest Bank backed the deal with a five-year loan worth $4 million. Rob Henry and Joshua Tandy with Simplicity Real Estate Solutions in Springdale listed the property. Margie Moldenhauer with Re/Max Associates in Fayetteville represented the buyer.

Each unit is 1,569 square feet with four bedrooms and three bathrooms. All units contain stainless steel appliances and washer and dryers. Each unit is individually metered.

MTC Townhomes paid $248,000 for the land (2 acres) in November 2019.

PEDIATRIC PROPERTY
CDI Contractors recently paid the city of Springdale for a commercial building permit valued at $3.18 million.

CDI is using the permit to build a three-story pediatric clinic with 21,248 square feet at 724 Deaver St., near Northwest Medical Center-Springdale.

Kids Spot LLC, managed by Stephen and Hillary Boyd, are the property developers. They own Kids Spot Pediatric Therapy at 105 S. Blair St. in Springdale.

Kids Spot paid $374,605 for the 0.59-acre property in March 2021. Northwest Surgeons Real Estate LLC, managed by Stephen Morrison, was the seller.

BENTONVILLE LAND
A 2.95-acre commercial lot east of downtown Bentonville changed hands recently for $2.13 million. The purchase price equals $16.61 per square foot.

Vito Groups LLC, managed by Bhagawan Kannappa, Anil Kumar Puram and Muni Jampana, bought the property at 2005 E. Central Ave. (Arkansas Highway 72), across the street from the future Walmart headquarters campus. Blossom Commercial Bentonville LLC, led by Terry Trofholz Sr., was the seller.

Steve Fineberg & Associates in Bentonville was the listing agency. Realty Title & Closing in Rogers was the title agency.

Blossom Commercial Bentonville paid $1.97 million for the property in June 2018. Avondale Properties LLC was the seller. A wedding an event venue, Avondale Chapel & Gardens, previously occupied the lot but has been razed.

AVOCA ACQUISITION
A 31-acre land sale in Avoca registered $1.75 million. The purchase price equals $1.30 per square foot.

Nguyen and Do LLC, managed by Johnny Nguyen, bought the property, lots 1-37 of Phase I of the Hidden Forest residential development. MP Development LLC, led by Franklin Miller, was the seller.

Waco Title Co. of Springdale was the title agent. Team Nina Clare and Dave with RE/MAX Real Estate Results in Bentonville was the listing agent.

OPPORTUNITY ZONE PICKUP
A multi-building, 20-unit apartment complex in a Springdale Opportunity Zone sold recently for $1.5 million. The purchase price equals $75,000 per unit.

K&C Real Estate Investments, led by New York Jets offensive lineman Cedric Ogbuehi, bought the property at 409-413 Ewalt Ave. A limited liability company controlled by former University of Arkansas basketball player Courtney Fortson was the seller.

First National Bank of NWA provided financing. City Title & Closing was the title agent. Mockingbird Real Estate Group, led by Kezie Odunukwe, brokered the deal.

The new owner plans to rebrand the fully leased property to Kelly’s Place.

Fortson paid $1.25 million for the 1-acre property in January 2020.

LAKE ABODE
A remodeled residence on Lake Loch Lomond in Bella Vista has a new owner after a $1.25 million sale.

Seth and Kelly Sheldon bought the 2,784-square-foot home on Kinross Drive. The purchase price equals $449 per square foot. The Ramsey Joint Trust was the seller.

Waco Title Co. of Springdale was the title agent. Commerce Bank in Kansas City, Mo., backed the deal with a 15-year, $800,000 loan.

Ken Larson with eXp Realty in Bentonville represented the seller. Veronica Marrufo with Coldwell Banker Harris McHaney and Faucette in Bentonville represented the buyer.

Ramsey paid $250,000 for the 0.58-acre property in 2015. The three-bedroom home was built in 1989.

MOCKINGBIRD PURCHASE
A fully leased, 6,355-square-foot commercial building in Fayetteville changed hands recently for $1.2 million. The purchase price equals $188.82 per square foot.

Mockingbird Holdings LLC, led by Kezie Odunukwe, bought the single-story building at 427 N. College Ave. Giant Buildings LLC, whose members include Matthew Horner and Jonathan Montgomery, was the seller.

Rogers-based Generations Bank provided financing. City Title & Closing of Fayetteville was the title agent. Blue Canopy Realty of Fayetteville was the listing agency.

Fayetteville retailer Giant Hoodies is the building tenant.

SPRINGDALE OFFICE
A multitenant office building in Springdale sold recently for $1 million.

SK Reit LLC, led by Kuldeep Chawla, bought the 6,343-square-foot building at 1479 Executive Place. BR Commercial Properties LLC, managed by Brandon Rains, was the seller.

Today’s Bank in Springdale backed the deal with a five-year loan worth $630,000. City Title & Closing of Fayetteville was the title agent.

The Class B, single-story building is fully leased and was built on 0.69 acres in 2008. The cap rate was 4.23%.

SOUTH THOMPSON CLAIM
A two-building commercial development with 14,088 square feet has a new owner after a $800,000 sale. The purchase price equals $56.78 per square foot.

1500 South Thompson LLC, managed by Will Gilbrech, bought the property at that address from Norma Patterson. The 1.23-acre site includes an 11,932-square-foot building and a 2,156-square-foot building.

Fayetteville-based Signature Bank of Arkansas provided financing and Advantage Title & Escrow was the title agent.

Gilbrech is a co-owner at Franklin Heating & Air based in Springdale. The business relocated to the new address and occupies approximately 8,200 square feet spread out over both buildings.

Patterson owns Eagle Body, which will continue to occupy part of the main building, as it has for over 50 years.

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.