New York Group Buys Peachtree Village Locations (NWA Real Deals)

New York Group Buys Peachtree Village Locations (NWA Real Deals)
(Aerial photos ©2022 Google Earth)

A New York health care group paid more than $5.6 million for three Peachtree Village assisted living facilities in Arkansas.

Emerald Healthcare of Woodmere, through three subsidiaries, bought facilities in Farmington, Fort Smith and Holiday Island. The 63-unit Farmington location, on Rainsong Street, was the priciest, going for $3.23 million.

The 60-unit Peachtree Village on Fresno Street in Fort Smith sold for $1.5 million. The 51-unit Peachtree Village on Park Drive in Holiday Island sold for $897,000.

Emerald Healthcare is led by Managing Partner Jake Walden. Presidential Bank in Bethesda, Maryland, provided a loan of $5.6 million. The seller was Janet Nordlie through separate subsidiaries for each property. Nordlie is the daughter of Sam and Annette Landrum, who founded Peachtree Village in 1986.

Bedford Apartments

An investing triumvirate was active again in the northwest Arkansas market, paying $6.6 million for the Bedford Apartments in Fayetteville.

The buyers were three subsidiaries led by Ray Osment, Jacob Newell and Mitchell Moore. Osment and Newell each bought 47.5% of the 78-unit complex. Moore bought the remaining 5%.

The trio recently spent $10 million for two Fayetteville apartment complexes, the 84-unit Club at the Creek and the 48-unit Vineyards on Garland.

Signature Bank of Arkansas provided a loan of $5.64 million. The seller was Bedford Loop Apartments LLC, led by Mervyn Klein of Brooklyn, an executive with Broad Management Group. Broad Management acquired the complex for $3.45 million in 2019.

Still Not Done

Osment and company weren’t done after buying the Bedford Apartments.

The group paid $660,000 for a 3,368-SF office complex on North College Avenue. The trio bought the plaza with the same ownership percentages as their previous acquisitions. The seller was the Hughes Family Trust, led by Mary Beth Hughes.

Fayetteville Condos

Another repeat customer paid $2.87 million for a condominium complex on South Hill Avenue in Fayetteville.

Keith Abouaf, a Los Angeles investor, bought the 10 condos through his Best Westside Properties LLC. Abouaf paid $3.1 million for similar multifamily homes in Fayetteville earlier this year.

The Bank of Fayetteville provided a loan of $1.5 million. The seller was South Hill Avenue LLC, led by Steve Creekmore. Creekmore acquired the property for $975,000 in 2017.

Hunan Manor

A commercial building anchored by the Hunan Manor restaurant in Fayetteville sold for $2.2 million.

Peter Nguyen and Diana Tran of Fayetteville bought the property and then transferred it to their N&T Investments LLC. The 5,420 SF space on North Tahoe Place also houses an insurance firm.

Legacy National Bank provided a $1 million loan. The seller was Zheng Lin LLC, led by Jian Fei Lin and Tianquan Zheng. Zheng Lin acquired the property for $1.55 million in 2017.

Moore Apartments

A Missouri investor paid $3.5 million for an apartment and duplex complex on Campbell Drive in Springdale.

Willard Stiles Jr. of Noel bought the Moore Apartments & Duplexes. The 19,000-SF complex has 54 units.

Generations Bank in Bentonville provided a loan of $3.5 million. The seller was Moore Community LLC, led by Corey Runnells. Moore Community acquired the property for $2.5 million in 2019.

Raising the Roof

Louis and Shannon Froud, co-owners of Metal Roofing Supply in Steprock (White County), paid $1.75 million for a 17,300-SF commercial building on Government Avenue in Fayetteville.

They bought the property through their 642 Bentonville Rogers LLC.

First Community Bank in Batesville provided a $1.49 million loan. The seller was Daugherty Commercial LLC, led by Jason Daugherty. Daugherty acquired the property for $1.45 million in 2021.