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Waverly Woods Townhouses Sell for Nearly $2M (NWA Real Deals)Lock Icon

3 min read

A Fayetteville townhouse complex sold for $1.95 million.

Maren and John Rinaldi, through ACSM Properties LLC, which is managed by their Maren & John Rinaldi Revocable Trust, bought the Waverly Woods complex on South Hill Avenue. The Rinaldis are Nestle executives who live in Minnesota but both earned degrees from the University of Arkansas in Fayetteville.

The deal included two adjacent houses on South University Avenue and two empty tracts totaling one-half acre.

The seller was A Pratt Properties LLC, led by Angela Pratt of Fayetteville. Pratt Land Co. LP acquired the Waverly Woods property originally in 2010 for $525,000.

Pratt paid $143,000 for the 1,032-SF home and the two land tracts and paid $55,000 for the 1,156-SF home.

Arvest Bank provided a $1 million loan for the Waverly Woods purchase. The Rinaldis took out an additional $520,000 loan for the other properties.

Springdale Flex Space

A California investor paid $2.95 million for a 34,875-SF retail center.

The Helen Rheingans Family Bequest Trust of Winchester, led by Carl Rheingans, bought the 4262 S. Thompson St. property in Springdale. It is 100% leased and anchored by a Bedding Mart.

The seller was Brandon Hash Properties LLC of Cave Springs, led by Brett Hash. Brandon Hash Properties acquired the property as land for $359,000 in 2003.

Arvest Bank provided a $450,000 loan.

At the Pines

The At the Pines apartment complex in Fayetteville sold for slightly more than $1.6 million to a Bentonville investor.

Kaleb Plank, who owns Inferno Fitness in Bentonville, bought the 25-unit complex on West Deane Street. Plank bought the property through his EDP 200 Enterprises LLC.

The seller was Garton Holdings LLC, led by Jason and Travis Garton. The Gartons acquired the complex for $865,000 in 2017. Signature Bank of Arkansas provided a loan of $1.38 million.

Sicily Lane Duplexes

A Bella Vista investor paid $960,000 for two duplexes in Fayetteville.

Michael Pennington, through his Turning Point Properties LLC, bought the 3,838-SF and 3,952-SF duplexes on Sicily Lane. Generations Bank assisted the deal with a loan of 768,000.

River Oak Partners LLC, led by Jeffrey Palmer and Bransen Harris of Fort Smith, was the seller. They acquired the properties as land in 2016 as part of a $675,000 deal. Earlier this year, River Oak sold three nearby duplexes for $1.5 million to a New York City investor.

Rockhouse

The University of Arkansas paid slightly more than $1.32 million for a 5,184-SF building at the northeast corner of Dickson Street and Arkansas Avenue in downtown Fayetteville.

The building, called the Rockhouse, was owned by the Mid-South District of the Lutheran Church Missouri Synod of Cordova, Tennessee, and had been used as a church meeting place.

Springdale Warehouse

A Little Rock investor paid $900,000 for a 25,550-SF warehouse on Jean Mary Drive in Springdale.

Richard O’Brien Sr., through his OB CRE LLC, bought the property, which sits on 1.3 acres. The warehouse is anchored by Shearer Supply, an HVAC distributor.

The seller was Shearer Investments LLC, led by President Michelle Shearer-Rodriguez. Shearer Supply of Farmers Branch, Texas, has 17 locations in five states, including two in Arkansas. BancorpSouth provided a $720,000 loan.

Arkansas Valley

Arkansas Valley Communications of Russellville paid $650,000 for a 4,000-SF office-warehouse on Rupple Road in west Fayetteville.

Arkansas Valley Communications, led by President Steven Calvert, is a Motorola provider. It bought the property through its AVC Inc. subsidiary.

The building is the former home of D&C Electric.

The sellers were Gary and Barbara Adams and Larry and Carol Adams. Gary and Larry Adams were the co-owners of D&C Electric. They acquired a half-acre for the property for $26,000 in 1992.

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