Real Deals: Student townhomes in Fayetteville sell for $21 million

A three-story, 81-unit student housing community near the University of Arkansas in Fayetteville has a new owner after a recent transaction worth $21.85 million. The purchase price equals $269,814 per unit.

South Bend, Ind.-based real estate investment firm HPP Equity, whose principals are Justin Kain and Nathan Kain, bought the 165-bed Mitchell Yards on 4 acres at 1821 W. Mitchell St. The seller was Franklin, Tenn.-based developer PLC Partners, whose principal is Pat Chisholm. City Title & Closing LLC was the title agent.

The Colliers Arkansas Multifamily team in Fayetteville represented the buyer and seller. Little Rock-based Colliers Arkansas is an independently owned affiliate of Colliers, a Toronto-based real estate services, engineering and investment management firm.

Opened in August 2022, Mitchell Yards features one- and three-bedroom cottage duplexes and two-bedroom townhomes with two-car garages. PLC Partners affiliate Fayetteville 1821 LLC bought the land for $2.3 million in October 2019. The seller was Mitchell Street Development LLC, managed by Jana Wrenay Elkins.

Fayetteville Retail
Little Rock-based nonprofit Goodwill Industries of Arkansas Inc. recently acquired a 52,620-square-foot shopping center in Fayetteville for $9.3 million. The purchase price equals $176 per square foot.

Goodwill bought Sixth Street Shoppes on 5.84 acres at 3049-3105 W. Martin Luther King Jr. Blvd.

The sellers were Cooper Realty Investments Inc., IWS Shelby LLC and Burger Investments LLC. M. Kent Burger is president of Cooper Realty Investments and manager of Burger Investments. Shea Leatherman is manager of IWS Shelby. City Title & Closing LLC was the title agent.

Goodwill has a store and a career services center at the shopping center, which is located between Lowe’s and Walmart. The center’s other shops will continue to operate as usual. The single-story shopping center was built in 2006.

Brian Marsh, president and CEO of Goodwill Industries of Arkansas, said the acquisition “is an investment in our future in Northwest Arkansas. This location is critical to expanding our mission in the region. It also provides convenience for our donors and shoppers while ensuring long-term stability for the programs and services that help Arkansans build brighter futures.”

IWS Shelby and Burger Investments acquired ownership interest in the property in January 2006 through separate transactions for a combined $1.8 million. Cooper Realty acquired ownership interest in the property in November 2004 for $2.17 million.

Pinnacle Hills Retail
An 11,383-square-foot shopping center in the Pinnacle Hills area of Rogers recently changed hands for $5.75 million. The purchase price equals $505 per square foot.

N&J Family Properties LLC, led by Norm Banwarth, bought 5400 S. Pinnacle Hills Parkway. Banwarth is co-founder and CEO of Stout Stuff, a Bentonville-based company that provides design, manufacturing and program management services to retailers.

The seller was Lin Brothers Investment LLC, whose members are Jian Fei Lin and Jian Gong Lin. Waco Title Co. in Springdale was the title agent. The buyer was represented by Jackson Moore with Kelley Commercial Partners. The seller was represented by Matt Strom and Jordan Jeter with Kelley Commercial Partners.

Built in 2024, the single-story shopping center on 1.67 acres is 100% leased with tenants including Parlor Doughnuts, Hera Nails & Spa, and Paragon Dental Studio. Lin Brothers paid $770,000 for the property in August 2021. The seller was Warren Family LLC.

Fayetteville Homes
Ten single-family homes in the Bert Lewis addition on West Mitchell Street in Fayetteville recently sold for $5.3 million. The purchase price equals $530,000 per home.

3CM Capital Fund II LLC, a Delaware-registered entity managed by Sheridan-based 3CM Capital Group LLC, bought the single-family homes on 1.55 acres in the 1900 block of Mitchell Street, adjacent to student housing community Mitchell Yards. 3CM Capital Group’s registered agent is Jarred Crow, chief financial officer of Sheridan-based commercial roofing company RoofConnect. 3CM Capital and RoofConnect share addresses.

The seller was Mitchell Square LLC, whose member is Aaron Cater of Farmington.

White Hall-based Relyance Bank provided a five-year loan of $4.24 million. Built in 2019, the two-story homes are 2,337 square feet and have carports.