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Springdale Ridge Property Bought for $11.25 Million (NWA Real Deals)Lock Icon

3 min read

A California real estate investment firm paid more than $11 million for the Springdale Ridge Apartments.

Canyon View Capital Inc. of Santa Cruz owns and manages more than $250 million in multifamily property in the United States, including, according to its website, at least nine properties in Arkansas. The Ridge Apartments, at 750 S. 40th St., has 186 units and nearly 200,000 SF.

Canyon, led by President Gary Rauscher, bought the complex through four subsidiaries as tenants in common: Doctor Springdale SPE LLC, with a 30 percent stake; Burry Springdale SPE LLC, with a 27 percent stake; Brown Springdale SPE LLC, with a 25 percent stake; and Springdale Ridge Property Investors LLC, with an 18 percent stake. Rauscher signed as manager for all subsidiaries.

The seller was Springdale Ridge Acquisitions LLC, a subsidiary of Maxus Properties of Kansas City, Missouri, led by Chairman David Johnson. Maxus got the complex in 2014 for $5.45 million.

Grandview Real Estate Capital LLC of Charlotte, North Carolina, provided a loan of more than $8.4 million.

Joyce Distribution
A Procter & Gamble distribution center in Fayetteville sold for $12.2 million.

Cole PG Fayetteville AR LLC, a subsidiary of Vereit Inc., a real estate investment group in Phoenix, bought the 63,700-SF, two-story building at 1303 Joyce Blvd. TRT 1303 Joyce Blvd LLC, a subsidiary of the Black Creek Group of Denver, was the seller.

Vereit said it owns and operates approximately 95 properties in Arkansas, a mix of retail and restaurants including Dollar General and Wendy’s.

First State Bank
First State Bank of Lonoke bought its Fayetteville branch for $2.27 million. The bank, at 2125 E. Joyce Blvd., is 5,428 SF. The seller was 700 Jones Road LLC of Fayetteville, led by David Estes and John Dukes III. Estes is the CEO of First State Bank of Lonoke and acquired ownership of the branch for $1.6 million in 2009.

Fayetteville Retail Strip
A 10,000-SF retail center with a convenience store sold for nearly $1 million.

Robert and Cheryl Hopmann of Fayetteville paid $990,000 for the 1.74-acre property at 2333 N. College Ave. The seller was McIlroy Investments Ltd., led by Hayden McIlroy of Dallas.

McIlroy is the former CEO of McIlroy Bank; the family-owned bank was sold to Arvest Bank in 1986. McIlroy, now a real estate investor, bought the property for $315,000 in 1993.

Robert Hopmann is a senior vice president at Lindsey & Associates in Fayetteville. The Bank of Fayetteville provided a loan of $155,000.

Fayetteville Office Complex
A 27-unit office complex in downtown Fayetteville sold for $1.85 million.

26 W. Center LLC, led by James Mitchell Massey, Aaron DeWayne Crawley and David Starling, bought the 26,365-SF property. The seller was Old Square LLC, led by Lee Ward, C.W. Dill III, John Huskins and William Weston Rogers.

Generations Bank in Fayetteville lent $1.5 million for the project.

Springdale Self-Storage
A Fayetteville investor acquired a Springdale self-storage complex for $1.4 million. Tyler Royal, through his Royal Real Estate Holdings LLC, bought the 24-unit, 28,000-SF complex at 1711 Ford Ave. The property covers nearly 2 acres.

Robert L. Hensley of Bentonville was the seller. He bought the property for $1.3 million in 2008. First National Bank of Fort Smith provided a $1.05 million loan. Royal also took a $290,000 mortgage with Hensley.

Downtown Springdale Trio
A Fayetteville couple paid $775,000 for three retail, office and warehouse properties on West Emma Avenue in downtown Springdale.

Jennifer Hansen and her husband, Marc McFann, bought 101, 109 and 111 W. Emma. The seller was Downtown Blend LLC, led by Rob Kimbel, who purchased the properties as part of a larger $1 million deal in 2015.

First Security Bank provided three loans: $160,000 on the 101 address; $220,000 on 109; and $240,000 on 111.

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