Real Deals: Rogers townhomes sell for $14.85 million

Nearly 70 units in a two-story multifamily development east of Interstate 49 in Rogers recently changed hands for $14.85 million. The purchase price equals $218,382 per unit.

An affiliate of Chicago-based Federal Life Insurance Co. bought 68 of the 70 units in phase three of the Shadowbrooke at The Peaks addition in the 2600 blocks of West Everest Avenue, South Kilimanjaro Way and West Kilimanjaro Way, and in the 2700 block of West Kilimanjaro Way.

An affiliate of global investment firm Asia Pacific Land was the seller. The company acquired the development in four transactions from January 2021 to November 2021, totaling $12.25 million. Fayetteville builder J & M Capital Ventures LLC, led by Jon Brittenum Jr., was the seller.

Bentonville Car Wash
A 5,825-square-foot tunnel car wash on Southwest Regional Airport Boulevard (Arkansas Highway 12) in Bentonville recently sold for $5.81 million. The purchase price equals $999 per square foot.

An affiliate of Austin, Texas-based Glen Una Investment & Management Co. bought the Splash Car Wash on 2.03 acres at 1907 S.W. Bright Road. Glen Una, the real estate investment and property management company for the Levy Family Trust, owns more than 60 properties across 17 states, totaling over 11 million square feet of commercial, industrial and retail space. Another Glen Una affiliate recently bought the Splash Car Wash in Centerton for $6.43 million.

The seller of the Bentonville car wash was Splash Bright LLC, managed by Drew Holbert. Splash Bright shares an address with Little Rock-based commercial real estate firm Colliers Arkansas, where Holbert is principal and executive vice president.
The car wash was built in 2023.

Splash Bright paid $800,000 for the property in May 2022. The seller was Rogers-based Ortho Mek LLLP, with William Mahon as its delegated general partner.

Springdale Store
A 4,950-square-foot convenience store at Johnson Road and West Sunset Avenue (U.S. Highway 412) in Springdale has a new owner after a recent transaction worth $4.27 million. The purchase price equals $863 per square foot.

Fayetteville-based HSS Enterprises LLC, whose managing member is Dakota Riggins, bought the 16-pump Maverik convenience store on 1.26 acres at 2351 W. Sunset Ave.

The seller was an affiliate of Aspen, Colo.-based real estate investment firm HayMax Capital, whose principals are Michael Brown and Aaron Brown. Booneville-based First Western Bank provided a 25-year loan of $2.9 million. Realty Title & Closing Services LLC in Rogers was the title agent.

The seller was represented by Zach Wright and Brandon Wright, both of the Boulder Group, a Chicago-based real estate investment services firm. Zach Wright said the property qualifies for 100% bonus depreciation, allowing investors to write off property improvements made in the first year up to the purchase price, net of land value. The property includes a long-term lease to Maverik, a convenience store chain with more than 840 locations in 21 states. The store was recently rebranded from Kum & Go. Maverik acquired the company in 2023 for $2 billion.

The HayMax affiliate paid $4.35 million for the property in December 2021. The seller was an affiliate of West Des Moines, Iowa-based Hurd Real Estate Services.

Fayetteville Apartments
A two-story, 32,318-square-foot apartment complex on East Martin Luther King Jr. Boulevard in Fayetteville recently sold for $3.9 million. The purchase price equals $120 per square foot.

An affiliate of Fayetteville-based Bloodhound Capital LLC, led by Fletcher Bennett, bought the apartments on 2.2 acres in the Sixth and Wood and Huntsville Townhome additions at 596 E. Miracle Drive. The seller was Fayetteville-based J2NE LLC, managed by John Cloyed. Lonoke-based First State Bank provided a 32-year loan of $3.9 million.

J2NE paid $3.5 million for the property in August 2021. The seller was Fayetteville-based CTC Ventures Inc., with Neil Schmitt as its president.

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