California TIC Investors Land Garden Park for $17.6M

A 246-unit multifamily property in Fayetteville recently sold to tenant-in-common (TIC) investors from California for $17.6 million, a purchase price of $71,544 per unit.

Wolfsen Properties and Canyon View Capital Inc., both of Santa Cruz, acquired the Garden Park Apartments at 1225 W. Mount Comfort Road, just off Garland Avenue north of the University of Arkansas campus.

The seller was Hamilton Point Investments of Connecticut, through its HPI Garden Park LLC.

Grandbridge Real Estate Capital LLC of Charlotte, North Carolina, provided financing with a 10-year mortgage of $12.2 million.

Occupancy of the property at the time of sale was 98 percent.

Garden Park underwent a $6.4 million renovation in 2008. Amenities include a clubhouse, swimming pool, fitness center, lighted tennis courts, outdoor basketball court and sand volleyball court.

The community offers one-, two- and four-bedroom apartment homes featuring high-end, fully equipped kitchens with stainless steel appliances, luxury two-sink bathrooms, washer-dryers and private patios or balconies. Some units have fireplaces.

HPI acquired the 9.95-acre development in May 2011 for $11.1 million.

The seller was REO Holdings III LLC, led by Chris Elkins, which acquired the development from Metropolitan National Bank of Little Rock in January 2011. The bank received ownership through foreclosure in December 2010.

GP Holdings LLC of Fayetteville, a group of investors led by Steve Mansfield, paid $8 million for the development in June 2007.

Rental Properties

Ownership of 16 rental units in Prairie Grove recently changed hands in an $875,000 sale.

Keys Holdings LLC, led by Kerry Pitts, bought the properties on a 1.38-acre site on Stills Road.

Stan and Regina Roemer were the sellers.

Bank of the Ozarks in Fayetteville provided financing with a five-year, $730,000 mortgage.

Waco Title Co. of Springdale was the title agent.

The 16 units include one building with six apartments, one fourplex building and three duplexes. Average size of the units is 1,250 SF. The development is 100 percent occupied.

Downtown Investment

A 4,280-SF home two blocks east of the downtown square in Bentonville has a new owner after a $750,000 sale.

C Street Properties LLC, a Delaware corporation controlled by the Walton family, bought the home on Northeast Second Street for $175.23 per SF.

Galen and Debi Havner were the sellers.

Jan Holland with Coldwell Banker Harris McHaney Faucette in Bentonville represented both buyer and seller.

Waco Title Co. of Springdale was the title agent.

The three-bedroom home was built in 1951 on a 1.38-acre lot in 1951. For the 2014 tax year the property was assessed at $192,050. 

Havner paid $75,000 for the property in May 1994.

Don Tyson Land

Undeveloped acreage on Don Tyson Parkway in Springdale recently sold for $605,000.

DTP West Corner LLC, led by Brian Moore and Tim Mays, bought the five-acre lot adjacent to the southbound exit loop in Interstate 49. The purchase price equals $2.77 per SF.

Gregory Taylor was the seller.

Legacy National Bank of Springdale financed the deal with a mortgage of $555,000.

City Title & Closing LLC of Fayetteville was the title agent.