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Oklahoma Investor Buys Mountain View Apartments in Fayetteville (NWA Real Deals)

3 min read

Raymond Merrill of Sallisaw, Oklahoma, has been active in northwest Arkansas real estate this year and is at it again.

Merrill, through his Levi Storage Center LLC, paid $4.5 million for the 114-unit Mountain View Apartments on South Silverado Drive in Fayetteville. RCB Bank of Broken Arrow assisted the purchase with a loan of $3.825 million.

PVG Investments of St. Joe (Searcy County), led by Robert Gunn, was the seller. PVG acquired the property from a group of four banks for $3.9 million in 2012. First State Bank of Lonoke acquired the apartments from developer Ray Combs in 2010, and three other banks joined ownership in 2012, led by Cross County Bank of Wynne, which owned 50 percent, and Fidelity National Bank of West Memphis, which owned 32 percent.

Earlier this year, Merrill, who owns Merrill Bonding Co., purchased the Candlelight Apartments for $3 million through his 12M Multi-Family LLC and bought the University Village Center for $1.9 million through his 12M Commercial Properties LLC. Through Levi Storage, Merrill sold an office building and adjacent lot in the CMN Business Park for $1.3 million to Kurt Folden of Jonesboro.

Crossover Home Sold

A J.B. Hunt Transport Services executive bought a home and land on Crossover Road in Fayetteville.

Kay J. Palmer, an executive vice president of technology, paid $950,000 for an 8,500-SF home and approximately 3½ acres. The property also includes another 988-SF residence.

Palmer bought the property from Signature Bank of Arkansas, which acquired it in lieu of foreclosure from Bill and Doris Kisor in 2014.

Downtown Springdale Sale

A Springdale investor bought five properties on Emma Avenue in downtown Springdale.

Rob Kimbel, through his Downtown Blend LLC, paid $1 million for five locations at 101, 105, 109, 111 and 126 Emma. Joseph and Sheri Kilgore were the sellers of the buildings, which range in size from 1,112 SF to 4,708 SF.

Legacy National Bank of Springdale assisted the purchase with a loan of $850,000.

Mathias Buys Land

Sam Mathias, through his Mathias Shopping Centers Inc., bought almost 13 acres in Tontitown on or near Agnes Drive.

Mathias paid $723,400 for the three lots. Maestri Enterprises LLC of Springdale, led by Frank Maestri, was the seller.

Arvest Bank of Rogers assisted the purchase and future development with a loan of $4.5 million.

Park Lake Apartments Sold

Fayetteville’s Park Lake Apartments, a rent-assisted housing complex of 91 units, was sold to a San Antonio developer.

Agape-Park Lake LLC, led by David Starr, paid $3.85 million to Park Lake Properties Ltd. of Atlanta.

Park Lake totals approximately 42,000 SF and covers 7.7 acres on East Zion Road.

Fayetteville Housing Deal

A Cabot investor paid $3.3 million for a bushel of rental units in Fayetteville.

PBS Properties LLC, which consists of President Paul Schmidt and his wife, Bridget Dawn, the company’s vice president, treasurer and secretary, bought the properties from Hilltop Properties LLC, led by Cliff Cabaness of Fort Smith. The properties include approximately 27 multifamily buildings of 60 rental units.

Community First Bank of Pea Ridge assisted the purchase with a loan of $2.805 million. The units are spread out in the Meadowridge, Northwest Acres and Fieldstone subdivisions.

Farmington Townhomes Sold

Three townhomes in Farmington sold in an $849,900 deal.

Capstone Investments Group LLC of Bentonville, a six-person group, bought the property from P&P Holdings Inc. of Springdale, which is led by Perry S. Chupp. Arvest Bank of Rogers assisted the purchase with a loan of $679,920.

Chupp acquired the property, then undeveloped land, from Keith Marrs’ KSDA Inc. for $30,000 in 2012. The two-story townhomes are located at 411, 417 and 423 S. Hunter St.

Chupp’s Northwest Arkansas Metal Building & Construction LLC bought the property and then transferred it to Chupp’s P&P Holdings in 2014.

Capstone is a group that includes managing members Navin Chander, Gopi Chandran, Srinivasulu Ramakrishnan, Gokulakrishnan Munuswamy Ranganathan, Shankar Arjun Satappagol and Ramesh Subbiah.

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