Real Deals: Fayetteville townhomes, cottages sell for $16.9 million

Four multifamily properties totaling 44 units in Fayetteville recently changed hands for $16.9 million. The purchase price equals $384,090 per unit.

An affiliate of Hackberry Lane, a Brooklyn, N.Y.-based firm that acquires and manages off-campus student housing, bought two-story, 10-unit Whitham Cottages on North Whitham Avenue; two-story, 16-unit North Cedar Townhomes on North Oakland and North Storer avenues and West Hazel Street; two-story, 10-unit Hughes Townhomes on West Hughes Street; and two-story, eight-unit Deane Sang Townhomes on North Sang Avenue.

The sellers were ADA1 LLC, whose managing member is Akshay Kumar, and The Ronald Alan Hyman Irrevocable Trust, whose trustee is Kaylyn Hyman. Chicago-based Alliant Credit Union provided a three-year loan of $13 million. The loan can be extended by three years and can be increased to $26 million. Allegiance Title Co. in Fayetteville was the title agent.

Built in 2017, Whitham Cottages comprises 10 buildings, each with four bedrooms and four bathrooms. Built in 2017, North Cedar Townhomes comprises three- and four-bedroom units that range from 1,600 to 1,766 square feet. Built in 2020, Hughes Townhomes comprises six buildings. Units have three bedrooms and four bathrooms. Built in 2017, Deane Sang Townhomes comprises four buildings. Units have four bedrooms and three bathrooms.

ADA1 paid $3.8 million for Whitham Cottages in October 2019. An Austin, Texas-based limited liability company of Haken Holdings GP, managed by Justin Helms, was the seller. In June 2021, the Hyman trust paid a combined $10.19 million for the Hughes Townhomes, North Cedar Townhomes and Deane Sang Townhomes. Limited liability companies managed by T.J. Lefler were the sellers.

Fayetteville School
A single-story, 18,753-square-foot charter school building southeast of North College Avenue and East Joyce Boulevard has a new owner after a recent transaction worth $6.05 million. The purchase price equals $322 per square foot.

Affiliates of Hawkins Companies, a Boise, Idaho-based real estate development and property management firm, bought the Haas Hall Academy Starr Scholar Center building on 1.59 acres at 3880 N. Front St. Hawkins has decades of experience in multifamily, retail, charter schools, hospitality and self-storage development.

MSC Investments LLC, whose managing member is Scotty Bolding, was the seller. The building was built in 1984. MSC Investments paid $1 million for the property in January 2012. Colony Development Co., managed by Gerald Blackburn and Joseph Dugan, was the seller.

Lowell Offices
Two single-story office buildings totaling 40,580 square feet on the J.B. Hunt Transport Services Inc. corporate campus in Lowell recently sold for $5.9 million. The purchase price equals $145 per square foot.

The city of Lowell bought the adjacent buildings on 7.84 acres at 224 and 306 J.B. Hunt Corporate Drive. The city previously planned to use the buildings for police, court and administrative offices. The seller was J.B. Hunt. City Title & Closing LLC was the title agent.

J.B. Hunt paid $5.75 million for the property in January 2007. An affiliate of The InvestLinc Group LLC, managed by Douglas Sperber, was the seller.

Gravette Lots
A 62-lot residential property in Gravette recently sold for $5.11 million. The purchase price equals $82,500 per lot. Arlington, Texas-based homebuilder D.R. Horton Inc. bought the 62 lots in the Spavinaw Village addition at Spavinaw Boulevard Southwest and Eighth Avenue Southwest.

Spavinaw Holdings LLC, owned by Gary Richardson and John Russell Meeks, was the seller. Spavinaw Village comprises single- and two-story homes with three to four bedrooms and ranging from 1,156 to 1,892 square feet.

The property was transferred from Jorich Investments II LLC, managed by Richardson, to Spavinaw Holdings in March 2025. Jorich Investments paid $753,060 for the property in January 2024. Ida Lee Osburn was the seller.

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