T.J. Lefler bought another apartment complex in Fayetteville, paying more than $2.6 million this go-around.
Lefler, a partner at Cushman & Wakefield-Sage Partners in Rogers, bought the Campus Edge Apartments at 635 Whitham Ave., just a few blocks north of the University of Arkansas. The purchase includes several other multifamily properties surrounding the Campus Edge complex.
Lefler bought the properties in two deals through his Fay Apartment Partners LLC, which is managed by his TL Asset Management Co.
Lefler said he has investors in the project, but he is the managing partner of the acquisitions.
The Campus Edge complex has 20 units totaling 10,500 SF but the adjacent multifamily houses and duplexes have another 27 units totaling 11,600 SF and change.
“I am going to fix some of them up immediately, and others we aren’t sure yet,” Lefler wrote in a text to Whispers. “We’ll fix up a few now — exterior and interior unit renovations.”
Six of the seven properties, including Campus Edge, were sold for $2.6 million by the Shirley Johanson Revocable Trust, which is run by Bruce Johanson. Shirley Johanson died in 2019, and she and her late husband ran the management consulting firm Johanson & Associates in Fayetteville. The Johansons acquired the properties in 1979.
The seventh parcel was sold by Gary Lee O’Neal for $175,000. Lefler got a $2 million loan from Great Southern Bank of Springfield, Missouri, to aid in the purchases.
Lefler owns 71% of a partnership that last year paid $8.3 million for the 126-unit South Creekside Apartments, which is just two blocks north of the latest acquired properties. Lefler and partner Alan Ribble of Texarkana recently got a $4.2 million loan from Partners Bank of Helena-West Helena to build an additional 44 units at South Creekside.