Spectrum Apartments Sell for $42 Million (NWA Real Deals)

Spectrum Apartments Sell for $42 Million (NWA Real Deals)
The Spectrum Apartment complex at 1741 Crowne Dr. in Fayetteville (Google Maps)

The Spectrum Apartment complex in Fayetteville sold to a Minnesota real estate company.

Tailwind Group of Mankato, which specializes in student housing, bought the complex through its Tailwind Fayetteville LLC. The 270-unit complex is on 18 acres on Crowne Drive south of the University of Arkansas’ baseball and indoor track venues.

TIAA of Jacksonville, Florida, provided a $22.1 million loan.

The seller was Bridge-Arkansas LP, a subsidiary of Bridge Partners in Walnut Creek, California. Bridge acquired the complex for $20.25 million in 2014. 

Willow Wood Apartments

The Willow Wood apartment complex in Springdale sold for slightly more than $1.8 million.

The buyers were a partnership of MCC Real Estate LLC and Highland at Springdale LLC. MCC, which bought 57% of the complex, is led by Matthew Martin; Highland is led by Phil Brooks.

The complex has 24 units and is on 1.4 acres on Henryetta Street.

The seller was Alston & Morrison Properties LLC, led by Steve Morrison and John Alston. Morrison and Alston are surgeons at the Northwest Arkansas Surgical Clinic.

The new owners took a 1.3 million loan with Alston & Morrison, who bought the site for $725,000 in 2015.

Springdale Schlotzsky’s

A Fort Smith investor paid $1.3 million for a Schlotzsky’s in Springdale.

Vasiliki Investments LLC, led by Effie Drosopoulos-Hart, bought the 2,888-SF restaurant on West Sunset Avenue.  Chambers Bank provided a loan of $650,000.

The seller was NWAA LLC, led by Bret Elliott of Prairie Village, Kansas. Elliott, president of Plaza Street Partners, bought it for $739,347 in 2022.

Lewis Ford

A Fayetteville investor paid $1.3 million for a 9,664-SF office building just off College Avenue.

The 1.7-acre property, part of the Lewis Ford auto complex, was bought by RMS Warehouse 1315 LLC, led by Scott Senyard. Senyard runs a construction management company.

First Security Bank provided a loan of $1.3 million. The property, on Longview Street, was part of a $9 million acquisition in early 2022 by City Center North LLC, led by Zac Wood of Wood Capital Group in Fort Collins, Colorado.

Hardware Store

The Hardware Store changed family hands for $750,000.

Delmel LLC, led by Delane and Melissa Allen, bought the 5,705-SF property that sits on 0.7 acre on West Township Street in Fayetteville. The Hardware Store specializes in outdoor equipment and tools. 

The seller was the Allen Family Trust, led by Ross D. and Mary Ellen Allen. They are the parents of Delane Allen and acquired the property for $320,000 in 1990. Grand Savings Bank provided loans of $632,500 and $362,500. 

Fayetteville Office

A Fayetteville office building sold for $880,000. Robert R. Daugherty, through his trust, bought the 6,000-SF property on West Sunbridge Drive.

The seller was Haole Properties LLC, led by John Hluboky of San Diego. Hluboky is the chief information security officer of Petco and acquired the property for $850,000 in 2022.

Medical Office

A former mental health office building in Fayetteville sold for $825,000.

AJ RE LLC, led by Joe Marelle, bought the 1,585-SF property on North College Avenue. Marelle is the CEO of Tobacco Superstores. 

The seller was Dianne Baer LLC, led by Dianne Baer, a licensed professional counselor who worked in the building. Baer, now based in Fort Smith, acquired the property for $500,000 in 2020.