Specialized Real Estate Group of Fayetteville has taken sole possession of Pratt Place Inn & Barn, a hotel and event venue in Markham Hill in Fayetteville.
SREG, through subsidiaries, paid slightly more than $2.3 million for the 140-acre property. Pratt Place has a seven-room hotel, one cottage and a barn venue for weddings and other events.
Specialized Real Estate Group bought the property in mid-March from Julian and Jane Archer for $2.3 million, and then teamed with financial partner RMD Properties of Portland, Oregon, two weeks later. RMD Properties was the seller in the most recent transaction.
The real estate company, led by Jeremy Hudson and Seth Mims, has big plans to expand with 80 additional hotel rooms, 43 single-family homes, a 12,000-SF restaurant-retail facility and 5,000 SF of additional venue space. Company spokeswoman Sarah King said groundbreaking for the expansion will start in late 2019 or early 2020.
The company is setting aside 44 acres as protected woodlands with no development. King said the company is working with the University of Arkansas to tag resident box turtles so future construction can avoid their habitat.
The Fayetteville City Council approved the plans, which required rezoning the land, in October 2018. Markham Hill resident Rob Karas filed an appeal in Washington County Circuit Court to have the rezoning overturned but his suit was dismissed; his appeal of that ruling is still working its way through the courts.
Bedford Apartments
A real estate management company in New Jersey paid $3.6 million for the Bedford Apartments in Fayetteville.
Broad Management Group of Munsey, through its subsidiary Bedford Loop Apartments LLC, bought the 78-unit complex on Bedford Loop. The seller was Robinson & Gilliaum Investments LLC, led by Darrell Robinson of Fort Smith, which acquired the complex for $1.3 million in 2010.
Keybank of Overland Park, Kansas, assisted the purchase with a loan of $2.8 million.
Summer Hill Apartments
A 60-unit apartment complex in Fayetteville sold for slightly more than $2.6 million.
BDM Realty LLC, led by Dustin Davis of Elkins, bought the Summer Hill Apartments on South Morningside Drive. The seller was Fadil Bayyari of Fayetteville, who acquired the apartments for $2.6 million in 2009.
Signature Bank of Fayetteville provided a loan of $3.18 million.
University Estates
A Fayetteville real estate investor paid $1.48 million for the University Estates apartments on North Oakland Avenue in Fayetteville.
Tim Brisiel, through his Brisiel Holdings LLC, bought the 26-unit apartment complex. The seller was University Estates LLC, led by Vonda Owens of Edmond, Oklahoma.
First National Bank of Fort Smith assisted with a loan of $1.18 million.
Downtown Fayetteville Condo
A 1,728-SF condominium overlooking the downtown Fayetteville square sold for $800,000.
Chris Brengard, the founder and CEO of U.S. Renal Care of Plano, Texas, and his wife, Tracy, bought the condo and a reserved parking space from William and Blake Burns. The Burnses had acquired the condo, in the Legacy Building on West Watson Street, for $540,000 in 2014.
U.S. Renal Care has more than 330 dialysis facilities in 32 states. Chris Brengard graduated from Paragould High School and the University of Arkansas at Fayetteville.
Refrigeration Warehouses
A Fayetteville businessman paid $665,000 for two warehouses on U.S. Highway 62 between Farmington and Prairie Grove in Washington County.
Joe Maynard, through his Pops II LLC, bought the 16,000-SF warehouse complex. Maynard runs numerous businesses in Fayetteville.
The seller was Donald and Eileen McCarthey, who own D&S Refrigeration at the site. Donald McCarthey acquired the 1.8 acres for the business for $68,000 in 2002.
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