Real Deals: Rogers apartment complex sells for $63.2 million

A 250-unit luxury apartment complex east of Interstate 49 in Rogers sold recently for $63.25 million. The purchase price equals $253,000 per unit.

An affiliate of Dallas real estate firm Lurin bought the Fitzroy Grove property at 2950 S. Fitzroy Place. The 13.19-acre site is off West Laurel Avenue at South 26th Street north of home goods retailer At Home. An affiliate of Huffman & Co. of Little Rock, led by Brandon Huffman, was the seller.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group, which includes Martin Bynum, Craig Hey, Andrew Brown and Cole Herget, brokered the deal.

The 314,000-square-foot property was built in 2022 and was 90% leased when it sold. Huffman Contractors was the builder. HFA in Bentonville was the civil engineer. Charlan Brock & Associates in Florida was the architect.

The property has three four-story apartment buildings and one three-story apartment building, with a two-story leasing office and clubhouse.

CLEAR CREEK ABODE
A 5,147-square-foot residence in Phase IV of the gated Clear Creek neighborhood in Johnson changed hands recently for $1.22 million. The purchase price equals $238 per square foot.

Jody and Megan Johnson bought the six-bedroom home on Caddo Lane from Gus and Hannah Argenal.

Michigan-based Rocket Mortgage backed the deal with a 30-year, $400,000 loan. Waco Title Co. of Springdale was the title agent. Michael Sims and David Mix of Bassett Mix Associates in Fayetteville brokered the deal.

The home was built on a 0.52-acre lot in 2005. Argenal paid $869,900 for the property in June 2021. David and Rebecca Thompson were the sellers. Thompson paid $630,000 for the residence in September 2016. Peter and Rhonda Nouguier were the sellers.

According to Washington County records, the property’s 2023 appraisal was valued at $1.07 million, up from $736,300 in 2022.

FAYETTEVILLE RESIDENCE
A 2.79-acre residence in Fayetteville sold recently for $1.19 million.

William and Jennifer Sosebee bought the 3,377-square-foot home on East Captain Way. The purchase price equals $355 per square foot. James Howard Morgan Jr. was the seller.

Waco Title Co. of Springdale was the title agent. April Hamm with Prime Real Estate & Development in Fayetteville was the listing agent. Jen Banks with Bassett Mix & Associates represented the buyer.

Morgan paid $135,000 for the lot in 2016.

HALSTED HOLDINGS
A 7,688-square-foot office building just off Walnut Street in Rogers sold recently for $1.05 million. The purchase price equals $136.57 per square foot.

S&T of Camden Inc., led by Steve McCann, bought the 2.51-acre property at 6 Halsted Circle. Incpads LLC, managed by R. Andrew Mould, was the seller.

Michele Hampton with Capstone Commercial Advisors in Rogers represented the seller. Jared Smith with Gibson Real Estate in Rogers represented the buyer. Realty Title & Closing was the title agent.

The income-producing property has several executive office suites of various sizes and is 90% occupied.

The Class C property last sold in March 2017 for $399,000.

PINNACLE HILLS LAND
A 1.38-acre commercial lot west of Interstate 49 in Rogers’ Pinnacle Hills area sold recently for $725,000. The purchase price equals $12.06 per square foot.

Pinnacle Hills LLC, led by John Baxter and Chris Woodard, bought the land at 5100 Pinnacle Hills Parkway. Cajakajo Holdings LLC, managed by Buckley Blew, was the seller.

Arkansas Federal Credit Union backed the deal with a two-month loan worth $725,000. City Title & Closing was the title agent. Clinton Bennett with Bennett Commercial Real Estate in Rogers brokered the deal.

Cajakajo paid Beaty Capital Group $567,000 for the lot in May 2021.

LOCH LOMOND ABODE
A 1.18-acre residence on Loch Lomond Lake in Bella Vista changed hands recently for $1.2 million.

Scott and Susan Busker bought the 3,301-square-foot residence on Glamis Circle. The purchase price equals $364 per square foot. The Shamor Family Revocable Trust was the seller.

Waco Title Co. of Springdale was the title agent. Midwest Bank in Minnesota financed the deal with a five-year loan worth $840,000. Michelle Moore with Berkshire Hathaway Homeservices Solutions in Bentonville was the listing agent.  Fathom Realty in Bella Vista represented the buyer.

The three-bedroom home was built in 1986.

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.