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126 Units in Fayetteville Sell for $8 Million (NWA Real Deals)

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A Missouri investor bought a Fayetteville apartment complex for $8 million.

Patrick O’Reilly of Springfield bought the South Creekside Apartments through Fayetteville Multifamily Apartments LLC. O’Reilly is the head of O’Reilly Development Co., which specializes in student and multifamily housing.

The 8.3-acre, 126-unit complex at 900 N. Leverett Ave. is four blocks from the University of Arkansas campus.

ALS Management LLC of North Little Rock sold the property. ALS, led by Arby and Angela Smith, received a 20-year, interest-free loan worth $7.75 million from the Arkansas Development Finance Authority in Little Rock to buy and renovate the apartments in 2009.

O’Reilly assumed the $6.88 million outstanding principal balance on the loan from the ADFC. The Bank of Fayetteville had acquired the property in lieu of foreclosure from Garden Park Apartments LLC, led by Steve Mansfield.

Third Bank a Charm?
A two-time bank branch on West Wedington Drive in Fayetteville has a new owner, and to no surprise it is a bank. Citizens Bank of Batesville paid $2.2 million for a former Simmons Bank branch at 3971 W. Wedington. The 3,442-SF site was a Metropolitan Bank location before Simmons First National Bank of Pine Bluff acquired Metropolitan National Bank of Little Rock for $53.6 million in 2013.

Simmons closed the branch, which had $3.2 million in deposits, on July 1, 2016. It had a $4.7-million branch, based on statistics from June, a couple of miles away on Martin Luther King Jr. Boulevard at the time.

Citizens has been expanding under CEO Phil Baldwin’s, pushing into Rogers, as well as Hot Springs, Arkadelphia and Monticello, through a $21.8 million acquisition of Parkway Bank.

Zweig Buys Apartments
Developer Mark Zweig paid a little more than $1 million for an apartment complex at 944 N. Storer Ave. in Fayetteville.

Mark Zweig Inc. bought the property from AJ Hammock LLC, led by Jeffrey Rich and Amy Lynn Farmer of Fayetteville. The three-story complex has 20 one-bedroom units and 10,500 SF of living space.

Signature Bank of Fayetteville provided a loan of almost $1.3 million.

Contractors Consolidation
Multi-Craft Contractors of Springdale purchased five acres next to its headquarters on Lowell Road for $1.1 million.

One parcel was 3.5 acres and the other was 1.5, and both were owned by Henry Cantrell of Benton, Louisiana. The properties are at the northwest corner of Lowell and West Randall Wobbe Lane, just south of Multi-Craft’s main location.

The two warehouses on the property will add 56,000 SF to Multi-Craft. Multi-Craft bought the property through its BLK LLC, led by Rick Barrows, Multi-Craft’s president and majority owner.

Barrows, in an interview earlier this month, said the company had 35,000 SF rented throughout Springdale and wanted to consolidate its entire workforce at its central location.

BLK agreed to pay Cantrell $900,000 by 2027.

Hunan Manor Restaurant
A Rogers investor paid more than $1.5 million for a retail strip anchored by the Hunan Manor restaurant on North Tahoe Place in Fayetteville.

Zheng Lin LLC, led by Jian Fei Lin, bought the property from EEE-GE LLC of Fayetteville, a five-person ownership group. The 1.1-acre site has 5,420 SF shared by Hunan Manor and BoBo’s Ribbon Ice.

Arvest Bank of Rogers provided a loan of slightly more than $1.2 million.

In the past year, Lin has bought Joyce Plaza in Fayetteville for $3.7 million, the Arbors Apartment complex in Springdale for $2.4 million before selling it for $3.05 million seven months later and the Casa Villa Shopping Center in Springdale for $750,000.

Shoulder Center
A medical office in Fayetteville sold for $1.375 million.

One Sixty One Holdings LLC, led by Monte Sharits of Fayetteville, bought the 7,328-SF building that houses the Shoulder Center, an orthopedic clinic led by surgeon Wesley Cox. Generations Bank of Fayetteville assisted the purchase with a loan of a little more than $1.4 million.

NWA Investors I LLC, led by Leonard Boen of Little Rock, was the seller.


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