A Fort Smith investor bought the Sugartree Apartments in Fayetteville for $3 million.
Ralph Freeman Jr. was the buyer through his Olliedais LLC subsidiary. He bought the 80-unit complex on North Leverett Avenue from a group of owners that included his family.
Freeman is the trustee of the Arlie’s Tree of Life Trust, which is named after his late mother and owned 25 percent of the complex. Another 50 percent was owned by Fort Smith investor Charles Palmer and his wife, Linda.
The late Ralph Freeman Sr. and his wife, Arlie, and the Palmers acquired the 3.7 acres for the Sugartree Apartments in 1972, and the complex was built in 1974.
The remaining 25 percent was owned by trusts held by Freeman’s sister Cheryl Anderson, 12.5 percent, and his nephews Beau and Jason, 6.25 percent each.
Greenleaf Townhomes
An Elkins investor paid $2.7 million for the Greenleaf Townhomes in Fayetteville.
BDM Realty Inc., led by Dustin Davis, bought the properties, along Betty Jo Drive in west Fayetteville. The seven-part acquisition includes 30 townhomes of 34,000 SF and 24 other units of more than 25,000 SF. The seller was Robert Hensley of Bentonville, who acquired the project in February 2018 for $2.1 million.
First State Bank in Russellville assisted the purchase with a loan of $2.16 million.
Fayetteville Condo
An office condominium in downtown Fayetteville sold for $1.7 million.
Julia Youngblood, through her 401 W Watson Suite 201 LLC, bought the second-floor condo in the Legacy Building on West Watson Street. Youngblood is the organizer of Slipstream Creative Inc., a software company founded by Fawaad Welch that operates out of the space.
The purchase included the condo and three parking spaces.
The seller was Legacy Investors Group LLC, led by J. Mitchell Massey. Massey and his partners, Chris Cain and Todd Ross, acquired 12 condos and the then-undeveloped second floor of the Building in September 2016 for $3.2 million.
Springdale Apartments
A Springdale investor bought a 40-unit apartment complex in Springdale for $1.65 million.
Chris Elder, through his C&K Karrington LLC, bought the Raintree complex on South West End Street. Elder owns a construction company in Springdale.
The seller was Raintree Village LP, led by Charles Palmer of Fort Smith. Palmer and his late partner, Ralph Freeman Sr., acquired the property in 1984.
Palmer and his wife, Linda, also sold their shares of the Sugartree Apartments in Fayetteville. The complex covers 3.99 acres and the units comprise 27,300 SF.
First National Bank of Fort Smith provided a loan of $1.1 million.
McDonnell Mini-Storage
Former University of Arkansas track coach John McDonnell bought a complex of mini-storage units in Springdale, perhaps to store some of the championship hardware his teams won over the years.
McDonnell, through his McDonnell Cattle Co. LLC, paid $1.6 million for American Self Storage, three properties on about 1.7 acres on American Street. He bought the project from American Street Properties LLC, led by Wanda Braswell and Charles Cuadra of Katy, Texas.
In a separate transaction, McDonnell paid Braswell and Cuadra $85,000 for an undeveloped 1-acre plot south of the three storage lots.
McDonnell won 40 national championships and 84 conference championships at Arkansas before retiring in 2008.
Day Care Purchase
A Fayetteville day care bought its property for $505,000.
Parkside Properties LLC, led by Melanee Lavery, bought the 1.9-acre lot and 4,000-SF building on North Old Wire Road. Lavery is the director of Parkside Playschool, which is on the property.
Parkside Playschool opened in December 2017.
The sellers were Gregory and Angie Landers, who acquired the property in 1988 for slightly less than $450,000.
Legacy National Bank in Springdale assisted the purchase with a loan of $424,000.
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