Posted 12/7/2012 09:05 am
Updated 6 months ago
Did you know an apartment complex that once belonged to Northwest Arkansas developers Brandon Barber and Gary Combs recently sold?
PVG Investments LLC of Fort Smith, led by Rick Parker, Mark Vogt and Robert Gunn, took ownership of the 114-unit Mountain View Apartments near Happy Hollow and East Huntsville roads in Fayetteville.
The price? $3.9 million.
A group of four banks — Cross County Bank of Wynne, Fidelity National Bank of West Memphis, Central Bank of Little Rock and First State Bank of Lonoke — had joint ownership interest in the property since 2010.
Combs, who died in a California hospital earlier this year from cancer-related complications, bought the property from Barber for $6.2 million in July 2008. You may recall that’s the same year Barber filed for Chapter 11 bankruptcy and began selling off numerous properties throughout Benton and Washington counties.
Barber paid $900,000 for the 3.84 acres in July 2005, and purchased building permits totaling $6.3 million in January 2006.
The complex, originally called Fairlane Apartments, was built that year and appraised in 2011 for $3.89 million.