Real Deals: Rogers Apartment Deals Surpass $ 92 Million

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A Missouri-based real estate company recently paid $ 55.99 million for a 426-unit multi-family asset east of Interstate 49 in Rogers. The purchase price is $ 131,443 per unit.

Limited liability companies controlled by Block Real Estate Services in Kansas City, Missouri, purchased the 20.2-acre Woodland Park development at 4000 S. Dixieland Road, north of Pleasant Grove Road. The artisan-style development includes two and three bedroom townhouses with and without garages and one and two bedroom apartments. Sizes range from 720 square feet to 1,513 square feet. The property includes a clubhouse, fitness center, playground and resort-style swimming pool.

Woodlandparkgrove LLC, an entity controlled by Orchard Properties of Fayetteville, was the seller.

The sale was supported by a 10-year Freddie Mac loan of $ 42.01 million from NorthMarq Capital LLC of Minnesota.

City Title & Closing of Fayetteville was the title agent.

WATERMARK OFFER
Watermark on Walnut Creek Apartments in Rogers was purchased by a Minnesota real estate company for $ 36.95 million.

Timberland Partners, a Minneapolis-based real estate investment, management and development firm, has purchased the 220-unit property at 600 S. Promenade Blvd. The purchase price is $ 167,954 per unit. The 14.15 acre development is just south of Walnut Street.

Watermark Residential, the apartment arm of Indiana-based developer Thompson Thrift, was the seller.

The sale was backed by a $ 28.14 million loan from Berkadia Commercial Mortgage.

The new owners renamed the property to Meridian at Walnut Creek. The 22-building complex offers a mix of one, two and three bedroom apartments, as well as a swimming pool, clubhouse and other amenities typical of a Class A multi-family community. The property has plans storey ranging from 873 to 1,654 square feet. The average unit size is 1,224 square feet. The occupancy rate at the time of the sale was 95%.

Watermark bought the land for $ 2.92 million in 2015 from Pine Bluff-based Simmons Bank, the property’s successor through its acquisition of the Metropolitan National Bank in November 2013. It was previously owned by Little Rock developer John Aaron Rees.

DEVELOPMENT OF THE GUARD
A one-story commercial building near US Highway 71B in Springdale recently sold for $ 900,000.

Vito Groups LLC, led by Bhagawan Kanappa, purchased the 10,385 square foot building located at 2920 American St. The purchase price is $ 86.66 per square foot. Heathman Properties LLC was the seller.

United Bank of Springdale provided financing with a loan of $ 1.18 million over 20 years. Rogers Realty Title & Closing Services was the title agent.

Steve Fineberg and Brennan Sharpe of Steve Fineberg & Associates in Bentonville were the listing agents.

The building has a current tenant: Western Arkansas Child Development.

BENTONVILLE LAND
Two plots in Bentonville totaling 10.59 acres recently sold for $ 750,000. The purchase price is $ 1.63 per square foot.

28th & I Street LLC, a Delaware entity, purchased the land at 1401 SW Second St. The property is located south of the intersection of Southwest Second Street and Arkansas Highway 72, west of Walton Boulevard. Ben and Erin Kiefer were the sales people.

Waco Title Co. of Springdale was the title agent. Tara Limbird and Jason Curtis of Rogers Real Estate Group Limbird were the listing agents.

Future use of the property relates to the development of trails and parks.

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