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Ozark Villas Apartments Sell for $39M (NWA Real Deals)Lock Icon

3 min read

A Minnesota real estate company bought the Ozark Villas apartment complex in Fayetteville for $39 million.

Tailwind Group Inc. of Mankato bought the 213-unit, 670-bed student housing center on Beechwood Avenue, south of MLK Jr. Boulevard and north of Baum Stadium, the University of Arkansas baseball venue.

Tailwind bought the property through its Tailwind College Town Fayetteville LLC, led by Michael Sather, one of four founding principals of Tailwind Group.

Tailwind had acquired another Fayetteville student housing complex, the 270-unit, 504-bed Spectrum Apartments, for $42 million in February and renamed the complex The Landing at Fayetteville.

Bremer Bank of St. Paul, Minnesota, provided loans totaling $34 million for the Ozark Villas acquisition.

The seller was Fountain Residential Partners of Dallas.

It acquired the property for $305,000 in 2014 and built the complex, originally known as Beechwood Village.

Industrial Building

A 67,000-SF industrial building in Springdale sold for $6.5 million.

Springdale Shaver Street Warehouse LLC, led by John D. Harkey Jr. of Dallas, bought the Shaver Street building. Harkey is founder of JDH Investment Management.

The property is the home of MWI Animal Health, a veterinary supply company. The seller was 910 Shaver St Springdale LLC, led by Sach Oliver. Oliver, the managing partner of the Oliver & Bailey Law Firm in Rogers, bought the property for $2.75 million in 2019.

Harkey’s group obtained a $1.85 million loan from Oliver’s LLC.

Downtown Office

A 3,168-SF office building in downtown Fayetteville sold for $1.45 million.

Niblock Investments LLC, led by George and Suzanne Niblock, bought the North Block Avenue property, home to the Niblock Law Firm.

The seller was Northwest Office Properties LLC, led by attorney Thomas Overbey of Fayetteville. Overbey acquired the property for $230,000 in 2002.

Niblock Investments took a $1.05 million loan from Northwest Office Properties.

Fayetteville Townhomes

An 18-unit townhouse complex in Fayetteville sold for $1.3 million.

The 12th Street Townhomes of Fayetteville LLC, led by Paul A. Schmidt Jr. and Bridget D. Schmidt of Bentonville, bought the East 12th Street complex.

The units total more than 7,300 SF. Today’s Bank in Fayetteville provided a $3.6 million loan.

The seller was the Fayetteville Housing Authority, led by President Melissa Terry. The FHA acquired the property for $865,000 in 2020; it is located adjacent to the organization’s Morgan Manor housing complex.

Fayetteville Apartments

A 26-unit apartment complex sold for $1.8 million.

Harmony Heights Apartments LLC, led by Phil Brooks, bought the 20,544-SF complex on 1 acre on Lewis Street in Fayetteville.

The seller was Alston & Morrison Properties LLC, led by Jack Alston Jr. and Steve Morrison. They acquired the property for $857,000 in 2014.

Harmony Heights took a $1.44 million loan from Alston & Morrison.

Fayetteville Land

A subsidiary connected to a Springdale hotel developer paid $1.74 million for 3.5 acres just east of Interstate 49 in Fayetteville.

Maniba Manu Development LLC bought the property that is south of Wedington Drive and just behind the Cross Church complex.

Maniba Manu Development has a mailing address associated with Narendra Krushiker, the president of KHG Hotels.

In November 2022, Krushiker’s Lighthouse Hospitality LLC paid $3 million for 5.4 acres adjacent to this most recent purchase.

The seller of both parcels was Mary Sue Shaw through two subsidiaries, Marinoni Inc. and Pam Angus LP.

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