Real Deals: Fayetteville apartments near university sell for $8 million

A 56-unit apartment complex near the University of Arkansas in Fayetteville has a new owner after a transaction worth $8.05 million. The purchase price equals $143,750 per unit.

Fayetteville-based BH Land Mgmt Group LLC, led by John Daniel Benninghoff of JB Group LLC, bought The Reserve on Cato Springs at 1140 W. Cato Springs Road. JB Group in Fayetteville provides housing for the UA and other college communities.

The seller was Park City, Utah-based NWA Crown Ridge LLC, whose authorized agent is Lauren King. The company shares an address with CooperWynn Capital, which is an owner, consultant, broker, developer and asset manager for the hospitality real estate industry.

Fayetteville-based Signature Bank of Arkansas provided a three-year loan of $8.96 million. City Title & Closing LLC in Fayetteville was the title agent.

Built in 1998, the 58,066-square-foot apartment complex comprises one- and two-story buildings on 4.06 acres. Units range from one to four bedrooms. Amenities include a pool and picnic area.

NWA Crown Ridge bought the property for $5.3 million in March 2022. The seller was Los Angeles-based AndMark Crown Ridge Fayetteville Apartments LLC, led by Mark Mosch. AndMark paid $1.8 million for the property in January 2018.

Rogers Building
A three-story, 60,000-square-foot office building on North Eighth Street in Rogers recently changed hands for $5.4 million. The purchase price equals $90 per square foot.

Miami-based Roselawn School Development LLC, managed by Annette Iraola, bought 710 W. Roselawn Drive. The seller was Rogers 60 K Project LLC, managed by Josh Kyles of Bentonville. Kyles owns Bentonville firm Kyleton Development, which led the development of the 230,000-square-foot Ledger office building in Bentonville. City Title & Closing LLC was the title agent.

Built in 2005, the building is on 8.53 acres and was renovated in 2013. The property has 585 parking spaces.

Rogers 60 K Project paid $6.5 million for the property in December 2018. The seller was Transamerica Life Insurance Co., a subsidiary of Netherlands-based financial services firm Aegon.

Centerton Lots
More than 50 residential lots southwest of North Tycoon and Edgewood roads in Centerton recently sold for $4.92 million. The purchase price equals $94,750 per lot. Shreveport, La.-based XNA Developers LLC, managed by Michael K.

Dzurik, bought 52 residential lots in the Huber Place addition on Tycoon Road, about 1 mile south of Arkansas Highway 102. The lots are in the 900 block of Thornwood Place, the 2200 and 2300 blocks of Kingwood Avenue, the 800 block of Jesse Street, the 2200 and 2300 blocks of Dougs Place and the 800 block of Boxwood Road.

The seller was XNA Properties LLC, which Dzurik also manages. Choudrant, La.-based Origin Bank provided a one-year loan of $3.1 million. City Title & Closing LLC was the title agent.

XNA Properties also recently sold 58 lots in phase one of the Huber Place addition for $5.49 million. Arlington, Texas-based homebuilder D.R. Horton Inc. was the buyer.

Fayetteville Buildings
Two commercial buildings and a multifamily property north of Church Avenue and Dickson Street in Fayetteville were recently sold for $3.8 million. The purchase price equals $238 per square foot.

A limited liability company of Little Rock-based investment firm FoxDen Capital, whose owner and CEO is Todd Denton, bought 206 W. Dickson St., 202 W. Dickson St. and 200 W. Dickson St. Building tenants include French Metro Antiques and U.S. Pizza Co. FoxDen Capital recently acquired U.S. Pizza.

The seller was Little Rock-based Waller Investments LLC, managed by Judy C. Waller, president of Waller Management Co. Waller opened the first U.S. Pizza in Levy, which is now part of North Little Rock, in 1972.

Pine Bluff-based Simmons Bank provided five-year loans worth a combined $20.74 million.

The commercial buildings, comprising 13,180 square feet, were built in 1945 and 1960. The multilevel, 2,743-square-foot multifamily property was built in 1906.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.