A New York City real estate investment company paid $37.4 million for six multifamily complexes in Springdale.
RECAP Ventures bought five apartment complexes and a duplex property. RECAP is led by managing partner Alexander Roth and partner Isac Sunny. RECAP is a private investment company that says it focuses on growth regions in the Sun Belt.
The largest acquisition was the 102-unit Springdale Estates on Strawberry Meadows Place, for which RECAP paid $9.15 million. The company paid $8.8 million for the 96 units at Crutcher Apartments on Crutcher Avenue, and it paid $7.7 million for the 55-unit Cheema Village on East Emma Avenue.
RECAP paid $7.7 million for the 84-unit Lowell Street Apartments, and it paid $3.9 million for the Powell Street Apartments, which has 52 units.
RECAP obtained loans of $13.8 million from Legacy National Bank in Springdale and $16 million from Signature Bank of Arkansas in Fayetteville.
The seller of all five apartment complexes was a subsidiary led by Jim Woodcock of Midland, Texas. Woodcock is the managing partner of the real estate investment firm C&W Ventures.
Woodcock obtained the properties between 2014 and 2017 for about $11.5 million.
RECAP paid $1.525 million for 16 duplex units on West Deane Street. The seller was George Faucette Jr., who had owned the property since 1983.
Generations Bank in Springdale provided a $1.7 million loan.
Fayetteville Office
Two investors paid $2 million for an office in Fayetteville.
Jeff Kemp and Eric Boen, through their Longview Partners LLC, bought the 9,664-SF property on East Longview Street. Kemp and Boen are the founders of Boen Kemp Construction.
First State Bank in Russellville provided a loan of $2.7 million.
The seller was a partnership of Scott Senyard, Justin Marshall and Darrell Robinson. They acquired the property through their RM Warehouse 1315 LLC for $1.3 million in 2023.
Bike Shop Buy
A bicycle shop owner paid slightly more than $1.5 million for a 6,750-SF retail property in uptown Fayetteville.
Erik Saltvold of Minneapolis is the founder of Erik’s Bike Shop, which has 35 locations in nine states. Saltvold, through his subsidiary EBS Property Dinkytown LLC, bought the building on East Stearns Avenue, just northeast of the intersection of Joyce Boulevard and College Avenue.
The seller was Lovely Purchase LLC, led by Alan Cole of Fayetteville. Cole acquired the property for $1.2 million in 2024.
Shopping Center Purchase
A Dallas investor paid $3.5 million for a shopping center on West 15th Street in Fayetteville.
Onyi Odunukwe, through his Nnamdi Holdings LLC, bought the 19,463-SF center. Odunukwe, a graduate of the University of Arkansas at Fayetteville, is the founder of Glo Tanning salons.
The property sits on 2.6 acres and is across the street from the indoor track and baseball venues of the University of Arkansas.
PlainsCapital Bank of Dallas provided a loan of $3.1 million.
The seller was Mark Zweig Inc. of Fayetteville. Mark Zweig Inc. acquired the property for $2.25 million in 2016.
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