Fayetteville Apartment Buy Comes with Colorful History

Fayetteville Apartment Buy Comes with Colorful History
(Parcel shape approximate and shown for illustration only.) (Washington Co. Assessor / Eagleview)

A Kansas real estate investor paid $6.55 million for the Mountain View Apartment complex on South Silverado Drive in Fayetteville.

Jeremy Antes, through his PIMV LLC, bought the 114-unit complex. Antes is a principal with Prism Real Estate Services in Overland Park, Kansas.

Orix Real Estate Capital of Columbus, Ohio, provided a loan of more than $4.2 million.

The seller was Raymond Merrill of Sallisaw, Oklahoma. Merrill bought the complex for $4.5 million through his Levi Storage LLC in 2015 and then transferred it to his 12M Multi-Family LLC.

The property has a winding history that includes some well-known real estate developers of northwest Arkansas. Brandon Barber, who served time in federal prison after pleading guilty to bank fraud, conspiracy to commit bank fraud and money laundering in 2013, bought the property for $950,000 in 2005.

Barber built the apartment complex, originally called the Fairlane Apartments, before it was sold to developer Gary Combs for $6.2 million in 2008. Combs, who was highly active in real estate deals and legal battles before his death at age 59 in 2012, was an unindicted co-conspirator in the federal case against Barber.

First State Bank of Lonoke acquired the property from Combs in 2010 and, in 2012, transferred all but 0.5% of its ownership to three other banks: Cross County Bank of Wynne, Fidelity National Bank of West Memphis and Central Bank of Little Rock.

Robert Gunn, through his PVG Investments, bought the complex from the banks for $3.9 million one month later. Gunn sold the complex to Merrill in 2015.