Centerton Apartment Complex Sells for $45M (NWA Real Deals)

Centerton Apartment Complex Sells for $45M (NWA Real Deals)
Watercolors of Centerton is a 376-unit apartment complex now under construction about 5 miles from Walmart’s 350-acre campus in Bentonville. (Google Maps)

A Dallas investment firm paid $45.2 million for Watercolors of Centerton, a 232-unit apartment complex.

Elevate Commercial Investment Group bought the 11-acre property on East Centerton Boulevard. It said in a news release it was planning to buy the last phase of the complex, which will include another 144 units and is scheduled to be completed this summer.

“We continue to buy quality assets in thriving markets,” Elevate CEO Jorge Abreu said. “There is still a huge demand for housing in the U.S. and especially here in northwest Arkansas. Northwest Arkansas is experiencing a huge influx of jobs and people moving to the area.” Elevate said it will spend $1.5 million on improvements.

The seller was Watercolors of Centerton FM LLC, led by Gary Richardson and Michael Sochaczevski. 

Fayetteville Duplexes

Two Fayetteville duplexes sold for more than $1 million to a Conway ownership group.

The buyers were John Freyaldenhoven, Scott Freyaldenhoven and Matt Lea, who are the owners of Freyaldenhoven Heating & Cooling in Conway. The duplexes, 1,494 SF each, are on West Cato Springs Road.

Centennial Bank in Conway provided a loan of $675,000.

The seller was McDonald Building Group LLC, led by Damon McDonald in Fayetteville. 

Rustic Rooster

A flea market in Prairie Grove sold for $750,000 to a Garfield couple.

William Shane and Shelly Willis bought the 6,000-SF Rustic Rooster antique store on Heritage Parkway, also known as Highway 62. 

The seller was Silva Properties LLC, led by Mark Silva of Farmington. Silva acquired the property for $75,000 in 2015.

The two sides teamed for another $750,000 acquisition, 1.4 acres east of the Rustic Rooster. Silva acquired the property for $200,000 in 2020.

Fayetteville Office

A 4,200-SF office building on Highway 112 in north Fayetteville sold for $775,000.

The buyer was Brandon Sebald, through his Kubald Ventures LLC. Sebald is the CEO of Brew Crew LLC, a franchisee of 7 Brew Coffee.

First Security Bank provided a loan of $775,000.

The seller was Grass Roots Landscaping LLC, led by Tanner Bassett and Kenneth Hanle II. Bassett and Hanle are the owners of the Grass Roots Landscaping company.

Bassett and Hanle acquired the property for $400,000 in 2014. 

Rose Stop

A Fort Smith investor paid $750,000 for a 2,890-SF convenience store on South Pleasant Street in Springdale.

Vasiliki Investments LLC, led by Effie Drosopoulos, bought the building, the former home of Rose Stop International Delicacy. Rose Stop, which served Middle Eastern food and spices, said on social media that it had closed in November.

The seller was Crossover Station LLC, led by Steve Turner of Harrison. Turner, then the president of the fuel distributor company Petromark, acquired the property as part of a multiple-property purchase for $750,000 in 2005. 

Springdale Convenience

Three Springdale investors paid $800,000 for a Springdale convenience store. Mufeed Hafeed, Fath Naser and Abdo Almaliki bought the 5,636-SF property, which includes a gas station and sits on slightly less than 1 acre on Elm Springs Road.

The seller was Dandy Oil Co., led by President Marvin Dandy and Vice President Gary Dandy. Dandy Oil acquired the property in two separate deals totaling $148,000 in 1996. 

Fayetteville Dental Office

A 3,522-SF dental office in Fayetteville sold for $788,000.

Kerry and Kymberly McAlister of West Fork bought the property on Green Acres Road. Kerry McAlister is a dentist.

The seller was 2001 Green Acres Road LLC, led by R. Pierce Osborne II, Michael Curry and William Shelton. The three are also dentists and manage the Arkansas Periodontal Association. 

Osborne, Curry and Shelton acquired the property for $250,000 in 2011.