Real Deals: Investors wrap up purchase of Centerton apartments
by August 14, 2023 4:08 pm 1,391 views
A multifamily transaction closed recently in Centerton for $28 million.
Elevate Den Centerton III Multifamily Property Owner LLC bought Phase III (144 units) at Watercolors of Centerton apartment complex. The purchase price equals $194,673 per unit. Can-Ark Diamond Realty-Greenhouse LLC, led by Michael Sochaczevski, was the seller.
The deal was financed by Walker & Dunlop Inc. of Bethesda, Md., and private investors.
Barry Graves with Weichert, Realtors-The Griffin Co. in Springdale represented the buyer. Misty McMullen with McMullen Realty Group in Rogers represented the seller.
Dallas-based Elevate Commercial Investment Group, Aspen Funds and Oak IQ Investments of Overland Park, Kan., are managing partners in Elevate Den. Brian Wagers, a multifamily investor in Rogers, is a partner with Elevate Commercial, whose multifamily investment portfolio includes more than 6,000 units.
Elevate Den paid $45.16 million for Phases I and II at Watercolor (232) units earlier this year.
The Watercolors property includes one- and two-bedroom floor plans ranging from 795 to 1,144 square feet. Amenities include a year-round golf simulator, swimming pool and clubhouse with business center and conference room.
SAM’S CLUB CONSTRUCTION
The city of Bentonville recently issued a commercial building permit to Crossland Construction in Rogers valued at $8.3 million.
Crossland is using the permit to build a 34,000-square-foot building on the Sam’s Club corporate campus. The construction site is in the south parking lot of the Sam’s Club home office, at the corner of Southeast Simple Savings Drive and Southeast S Street.
The project is a retail innovation and design studio known as Clubhouse.
Nielsen Architecture of Bentonville is also working on the project. Construction is expected to finish in late spring 2024.
TRAILHEAD PROPERTY
A 2.39-acre commercial property in Springdale sold recently for $3.25 million.
Trailhead Property Holdings LLC, led by Jon Allen, bought the 18,784-square-foot building at 4915 S. Thompson St. Navona LLC, managed by Tim Graham, Tim Graham II and Dusty Graham, was the seller.
Pine Bluff-based Simmons Bank backed the deal with a $2.6 million loan that matures in July 2026. City Title & Closing in Fayetteville was the title agent.
Lewis & Clark Outfitters is the building tenant.
BANK BUILDOUT
The city of Bentonville recently issued a commercial building permit to Nabholz Construction in Rogers valued at $1.6 million.
Nabholz is using the permit for a 3,188-square-foot tenant in-fill project at 1101 S. Walton Blvd. Chase Bank, the consumer banking division of New York-based JPMorgan Chase & Co., is the tenant.
The space is part of an 11,000-square-foot retail strip center recently built that’s anchored by Starbucks.
The building is part of a $9 million commercial redevelopment of an 8.68-acre blighted parking lot that was formerly home to George Nunnally Chevrolet. Commercial real estate and development firm Colliers Arkansas is leading that redevelopment project called Redbud Place.
Redbud Holdings LLC, a limited liability company comprised of several entities, including Colliers investors and members, paid $3.4 million for the property in October 2020.
Real Deals submissions: Submit tips about Northwest Arkansas 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.