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Complex Sells for $55M In Uptown Fayetteville (NWA Real Deals)Lock Icon

3 min read

A Houston real estate group bought the sprawling Uptown Fayetteville housing complex for $55.6 million.

Sun Holdings Group, led by Jacob Blatt, bought the 300-plus-unit complex at Joyce and Steele boulevards. Sun Holdings bought the complex through its Uptown Fayetteville LP subsidiary. Holliday Fenoglio Fowler LP of Dallas provided a loan of nearly $39 million.

The purchase did not include 17,000 SF of on-site retail space, but Sun signed a first right of offer and refusal for it.

The seller was CRP/SREG Uptown Owner LLC of Fayetteville, an ownership group led by Specialized Real Estate Group, which has Jeremy Hudson as its CEO. J. Rob Kimbel bought the 14 acres of land in 2015, and then SREG and Kimbel merged into one ownership entity. Kimbel is an investment partner of SREG, which built the complex for about $30 million; it opened in 2016. Sun Holdings owns more than 3,000 apartment units, many shopping centers and three boutique hotels, its website says.

Stadium Apartments
A California investor paid $11.25 million for the 112-unit Stadium Apartments.

Canyon View Capital of Santa Cruz bought the complex through four subsidiary: Quarters Property Investors LLC, 40 percent; Perry Quarters SPE LLC, 31 percent; Del Favo Quarters SPE LLC, 18 percent; and Young Quarters SPE LLC, 11 percent. Stadium Apartments are on Razorback Road next to the University of Arkansas baseball stadium, Baum Field.

The seller was Block Funds of Kansas City, Missouri, led by Kenneth Block, through its Ark Baseball Investors LLC. Block bought the apartments for $6.7 million in 2015.

Canyon View also bought the 5,200-SF Stadium Shoppe retail building. Led by CEO Bob Davidson and President and CFO Gary Rauscher, Canyon View is a privately held company with more than $330 million in multifamily properties, including at least 10 in Arkansas.

Grandbridge Real Estate Capital LLC of Charlotte, North Carolina, provided a loan of nearly $8 million.

Dollar General
The Dollar General store that opened in east Fayetteville earlier this summer was sold for more than $1.3 million.

The Berman Family Trust, led by Joseph Harvey and Leslie Berman of Encino, California, bought the property at 216 E. Bowen. First Security Bank in Fayetteville assisted the purchase with a loan of $750,000.

The seller was PB General Holdings LLC, led by Leonard Boen of Little Rock. Boen purchased the property for $180,000 earlier this year.

Office Warehouse
An office-warehouse project on Haile Lane in Springdale sold for $1.41 million.

Haile Lane LLC of Rogers, led by Farris DeBoard, bought the 2.5 acre property, which is now leased by an equipment rental company. DeBoard is the general counsel for Sage Partners, a commercial real estate firm.

The seller was DuWayne Eoff Property Management LLC of Springdale, led by DuWayne Eoff and Jackie Joy-Eoff. Citizens Bank of Batesville assisted the purchase with loans of $1.2 million and $85,000.

Hartland Motel
The 30-room Hartland Motel at 3574 W. Sunset Ave. in Springdale has been sold to a local investment group for $950,000. SMD Hospitality LLC of Springdale, led by Ravi Patel, Subodh Patel and Urmilaben Patel, was the buyer.

OM Hospitality Inc. of Springdale, led by Anilkumar Patel and Ramilaben Patel, was the seller. OM Hospitality acquired the motel for $825,000 in 2008.

SMD Hospitality took a $750,000 mortgage from OM Hospitality to finance the deal.

Springdale Condos
A Springdale investor paid $675,000 for a complex of 12 condominiums on Texas Lane in Springdale.

Springdale Rental Properties LLC, led by Brian Jeffrey Wagers, was the investor. Treadstone Properties LLC of Fayetteville, led by David Savage Jr., and Roger Cunningham Jr., was the seller.

Treadstone acquired the property for $535,000 in 2016.

United Bank in Springdale assisted the purchase with a loan of more than $1 million.

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