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2 Apartment Complexes Sold for $10M (NWA Real Deals)Lock Icon

3 min read

Three investors paid $10 million for two Fayetteville apartment complexes.

Subsidiaries led by Ray Osment, Jacob Newell and Mitchell Moore paid $6 million for the Club at the Creek complex on Sycamore Street and $4 million for the Vineyards on Garland. The Club has 84 units totaling 51,788 SF and the Vineyards has 48 totaling 38,352 SF.

Osment and Newell bought 47.5% of each complex, while Moore acquired the remaining 5% of each. Signature Bank of Arkansas in Fayetteville lent more than $5.7 million for the Club purchase and more than $4 million for the Vineyards.

The seller was Gregory House through his Club at West Sycamore LLC and Vineyards on Garland LLC. House acquired the Vineyards for slightly more than $1 million in 2003 and acquired the Club for $3.5 million in 2006.

Osment Again

Osment wasn’t just buying shares of apartment complexes. Through his 2600 PC-Rogers LLC, he paid $7.5 million for the Pleasant Crossing Shoppes center in Rogers, a 21,927-SF center anchored by a Walmart Supercenter. Simmons Bank in Jonesboro provided a $5.68 million loan.

The seller was a conglomerate of four limited liability companies. They are led by Isaac Smith, Mark Bentley, Kevin Huchingson and Donald Nathan Coulter II.

The sellers were represented by Smith and Alan Cole of Colliers, while Jordan Jeter and Philip Schmidt of Kelley Commercial Partners Northwest represented Osment. Kelley Commercial will manage the property after the sale.

Lewis Sale-Leaseback

Cushman & Wakefield/Sage Partners announced that a Waco, Texas, investor paid $9 million for Lewis Ford Sales on College Avenue in Fayetteville.

Zach Hocker of Cushman & Wakefield/Sage Partners represented the buyer, City Center North LLC, which is associated with Wood Capital Group of Fort Collins, Colorado, and led by Zachary Wood.

Lewis Ford, led by Vice President Matt Lewis, was the seller, and was represented by Jeff Pederson of Lindsey & Associates Inc. Lewis will still operate at the location through a leaseback agreement until at least the summer of 2023.

Encore Bank of Little Rock provided financing, but no amount was listed with the Washington County Circuit Clerk.

In an accompanying deal, Blake Harris paid City Center $2.1 million for a 19,300-SF building on 1.9 acres that was a part of the City Center deal. Harris is the owner of B&B Auto Sales located farther south on College Avenue and will stay there until the Lewis lease runs out.

First National Bank of Fort Smith provided Harris with a loan of $1.8 million.

Downtown Fayetteville

A Marianna investor paid $2.55 million for a 3,360-SF dual restaurant space on Dickson Street in Fayetteville.

Garrett Frost, vice president of an airplane supply and service company, bought the property through his trust. The space is occupied by a pizza place and a sandwich shop.

Fidelity Bank in Marion provided a loan of $2.05 million.

The seller was Monroe Dickson LLC, led by Steve Fowler. He acquired the property for $1.3 million in 2016.

Fayetteville Multifamily

A Los Angeles investor paid $3.1 million for several multifamily homes in Fayetteville. Keith Abouaf, through his Best Westside Properties LLC, paid $1.95 million for four houses totaling 7,840 SF on North Willis Avenue and $1.17 million for two totaling 5,532 SF on West Cleveland Street. The Bank of Fayetteville provided a loan of $2.1 million.

The seller of both properties was developer Justin Helms of Austin, Texas. Helms acquired the Willis property for $450,000 in 2018 through his HD Fayetteville LLC, and he acquired the Cleveland property for $225,000 in 2017 through his Haken Fayetteville Development LLC.

Farmington Center

A Fayetteville investor paid $2.1 million for a 20,777-SF shopping center in Farmington.

The Bayyari LLC, led by Ahmad Bayyari, bought the center on Southwinds Road. It sits on 2 acres.

The seller was Unique Maison LLC, led by J. Bruce Loftin of Springdale.

BOK Financial of Tulsa provided a loan of $750,000.

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