Arbors Apartments Sell for $3.74M (NWA Real Deals)

The Arbors Apartments at 604-620 Oak Ave. in Springdale (parcel lines not approximate and shown for illustration only.)

A 72-unit Springdale apartment complex sold for $3.74 million.

The Arbors Apartments were bought by 604-620 Oak Avenue LLC, led by Jennifer Barner and Edward Modzel of Springdale. The complex is at 604-620 Oak Ave. and covers nearly 4 acres.

CBRE Capital Markets Inc. of Houston provided a loan of $2.79 million.

The seller was Down Home Rental Properties LLC, led by Rob Kimbel of Springdale. Kimbel is the former CEO of Kimbel Mechanical Systems of Springdale.

Retail Warehouse Complex

A 35,200-SF retail-warehouse complex in Springdale sold for $2.9 million.

CB Square LLC, led by Turner Hurley, bought the three-building property on Worth Lane. The two warehouses are slightly more than 31,000 SF and there is a 4,000-SF retail building. Hurley bought the property from HEWS Ark LLC, led by Edward Hurley. Edward Hurley paid $1.6 million for the property in 2015.

Turner Hurley took out three loans to cover the transaction: a $2.3 million loan from First State Bank in Russellville, a $300,000 loan from Kristin Hurley, and a $280,000 loan from HEWS Ark LLC.

Fayetteville Duplexes

A New York investor paid $1.5 million for three duplexes in west Fayetteville.

Yaupon Ventures 5 LLC, led by Julien Dumoulin Smith of New York City, bought the duplexes on West Sardinia Way and North Sicily Lane. Arvest Bank provided a loan of $1.2 million.

The seller was River Oaks Partners LLC, led by Jeffrey Palmer and Bransen Harris of Fort Smith. River Oaks acquired the properties as part of a $675,000 deal in 2016; the duplexes were built in 2019.

AT&T

The AT&T retail store on West MLK Jr. Boulevard in Fayetteville has a new landlord after a $1.2 million deal.

Hultquist Investments LLC, led by Mike Hultquist of Rogers, bought the 5,224-SF building. AT&T will remain the tenant through an existing lease.

The seller was Davidson Properties Holdings LLC, led by Jerry and Kathy Davidson of Fair Oaks Ranch, Texas.

BancorpSouth Bank of Tupelo, Mississippi, provided a $720,000 loan.

Federal Offices

A federal office building in Fayetteville was part of a national $106.5 million deal.

Gardner Tanenbaum Holdings, a real estate development group in Oklahoma City, bought 42 properties in 11 states. Most of the properties are leased by the federal government, including the Department of Homeland Security, which uses the 4,880-SF building on North Point Circle in Fayetteville.

The price for the Fayetteville property registered at $963,999. The acquisitions were covered by a $93 million loan by Centennial Bank in Jonesboro.

Gardner Tanenbaum is led by managing partner Richard Tanenbaum. He said in a news release that his company now owns 105 federally leased buildings.

The seller was CoreCivic Inc. of Brentwood, Tennessee.

Hill Avenue Condos

Fourteen condominiums on South Hill Avenue in Fayetteville sold for $1.35 million.

Michael Enderlin of Little Rock, through his Abaco International Group LLC, bought the units. They total more than 11,000 SF.

Citizens Bank in Batesville assisted the purchase with a loan of $1.2 million.

The seller was Casa Americana Inc., led by Linda Parnell of Fayetteville. Casa Americana acquired the properties for $960,000 in 2013.

Town & Country

The former home of Town & Country on the downtown Fayetteville square has a new owner after a $675,000 deal.

Bhakti Holcomb and her husband, Joseph, bought the 5,434-SF retail space on South Block Avenue. The former women’s clothing store closed earlier this year when owner Elizabeth Fulton retired.

Bhakti Holcomb is the owner of Northwest Arkansas Florist.

Fulton sold the property through her Birdie Properties LLC. Fulton had operated Town & Country on the square since 1985. Simmons Bank assisted the purchase with a loan of $540,000.