Koutroumbis Properties of Fayetteville acquired the six-unit High Point Terrace apartment complex at 922 Hughes St. in Fayetteville for $512,000.
Christ Koutroumbis and his wife, Polyxeni, of Santa Monica, California, bought the property from HighPoint Terrace Apartments LLC of Fayetteville. Koutroumbis Properties, which is located at 985 Hughes St., listed High Point as one of its new properties with rent beginning at $850 for a two-bedroom, one-bathroom apartment.
The seller, HighPoint Terrace Apartments LLC, is led by Heath Smith, Charles Sharp and Sarina Sharp. Arvest Bank of Rogers assisted the purchase with a loan of $409,000.
Christ Koutroumbis was part of the group that recently purchased the Oakland Station Apartments on Oakland Avenue for $1.385 million.
MRI Changes Hands
Folden Holdings LLC of Fayetteville paid $1.3 million for an office building at 361 E. Millsap Road in Fayetteville.
The building, in CMN Business Park, is the site of Arkansas Medical Imagining and Open MRI. Folden, led by Kurt Folden of Jonesboro, also picked up some undeveloped adjacent property for a total of 1.4 acres.
First National Bank of Paragould assisted the purchase with a loan of $1.2 million.
Levi Storage Center, led by Raymond Merrill of Sallisaw, Oklahoma, was the seller. Merrill, who owns Merrill Bonding Co., has been active in the northwest Arkansas market, buying the Candlelight Apartments for $3 million and the University Village Center for $1.9 million in 2015.
Superior’s Slone Deal
David Slone and his wife, Ramah Sue, paid $339,096 for a nearly 1-acre lot in Timberlake Office Park.
Slone, the owner of Superior Auto Group of Springdale, bought the property from First Security Bank of Fayetteville. The bank acquired the property when it was forfeited in 2008.
Slone is the majority owner of a 2-acre property that is adjacent to the recently purchased lot. Slone, through his Slone Lifetime Asset Trust, and a handful of partners paid $2.925 million for that property, at 4476 N. Waterside Court; Slone owns 55 percent of that property.
The 0.97-acre lot was originally part of a multimillion-dollar office park development on 16 acres behind the Lowe’s on Zion Road in Fayetteville. Zion Holdings LLC, led by Jeff Martin, Mike Philip and Henry Ho, bought the property for $2.5 million from Margaret Blair in 2006.
The property was part of a $4.45-million loan from First Security Bank.
Surgeons Buy Apartments
Dr. Stephen Morrison and Dr. John Alston, surgeons with the Northwest Arkansas Surgical Clinic in Fayetteville, bought the Willow Wood Apartments on Henryetta Street in Springdale.
Morrison and Alston, through their Alston & Morrison Properties LLC, paid $725,000 for the 24-unit complex. The seller was Willow Wood Properties LLC, led by John Walker, of Fayetteville.
First Security Bank of Rogers funded the purchase with a loan of $725,000.
Morrison, a vascular, thoracic and general surgeon, and Alston, a general surgeon, also own several other apartment complexes in northwest Arkansas through Alston & Morrison LLC.
Strip Center Sold
EAC Clark Properties LLC paid $536,082 for the Talon Plaza, a nearly 12,000-SF strip center on Old Wire Road in Springdale.
EAC, led by Carter Clark, bought the property from Cardinal Property Investments LLC, led by Dan Dorman and Robert Kimbel. The center covers almost 2 acres.
Cardinal Property bought the center for $398,000 from Kerry and Regina Laman in 2012.
Clark is a realtor at Weichert Realtors, The Griffin Company. He is a former basketball player for the University of Arkansas.
House Sells for $720,000
Cosmetic surgeon Dr. Jeffrey Swetnam and his wife, Janet, bought a four-bedroom, four-bath house at 4096 E. Bridgewater Lane in Fayetteville for $720,000.
Swetnam, who practices at Total Body Surgical, and his wife bought the home from Rick and Melissa Ann Bennett. The home is 4,157 SF.
Arvest Bank of Lowell assisted in the purchase with a loan of $417,000. The Bennetts bought the house for $698,000 from David Mix in 2007.
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