A real estate firm in Kansas City, Missouri, paid nearly $30 million for two apartment complexes in northwest Arkansas.
Block Funds, led by Kenneth Block, paid $22.5 million for the Stoneleigh Centerton complex in Centerton and $6.7 million for the Stadium Apartments in Fayetteville. Block Multifamily Group will manage the properties.
“The northwest Arkansas multifamily occupancy levels are some of the strongest in the nation,” Kenneth Block said in a statement.
Stoneleigh has 280 units while Stadium has 112 units. Block said in a release that it now manages more than 1,000 units in northwest Arkansas.
Rupple Row Cottages
A California real estate investment group paid $16.35 million for Rupple Row Cottages in west Fayetteville.
TwinRock Partners of Newport Beach bought the properties through its AR Shamrocks LLC. The 80 cottages — four-bedroom, three-bath town homes built for student housing — are on North Wordsworth Lane in the Rupple Row subdivision.
Wells Fargo Bank provided a loan of $11.7 million for the acquisition. TwinRock was co-founded in 1998 by CEO Alexander Philips and has invested nearly $500 million in residential and commercial properties.
Rob Kimbel, through his Spring Creek Rentals LLC, was the seller. Kimbel is an investment partner of Specialized Real Estate Group, which is building a 300-plus unit apartment complex at the southwest corner of Joyce Avenue and Steele Boulevard.
Village Gets New Owners
An investment group paid $5.2 million for Arena Village on Martin Luther King Jr. Boulevard in Fayetteville.
Monroe Arena LLC bought the property from Arena Village LLC, said Steve Fowler, a member of Monroe Arena. Arena Village is led by Sean Holley Trumbo as trustee for the Arthur Howell Trumbo Trust.
The village is located on MLK near the University of Arkansas and the university’s soccer field. The village, which consists of three buildings totaling 23,400 SF, covers about 3.6 acres, and the group has the ability to build on an undeveloped anchor adjacent to Stadium Drive.
Fowler said the group hasn’t finalized its plans for Arena Village. He said it would get a “facelift,” but more in-depth plans, including adding space and renovating existing space, would depend on tenants.
Ownership was actively looking for new tenants. The village is in a prime location on MLK with the university and Fayetteville High School within a stone’s throw, and several new student housing complexes have recently been built in the nearby area.
Eye Center Sold
The Eye Center at 594 E. Millsap Road sold for $2.5 million.
Smith Eye Care Properties LLC of Springdale, led by Steven Smith and Kellye Smith, was the buyer. Kellye Smith is an ophthalmologist at The Eye Center.
First Security Bank of Springdale provided a $2.5 million loan for the purchase. The Eye Center is a 13,708-SF building on a 2-acre lot.
WRM Holdings LLC of Fayetteville, led by W.R. McCullough, was the seller.
Beautiful Sale
A 12,690-SF retail space sold for $1.625 million.
Southern Sand LLC, led by Patrick Harris, acquired the space at 4107 Steele Blvd. in Fayetteville, which is anchored by the Regency Beauty Institute, a beauty school. The lot covers slightly more than 1.7 acres.
Freedom Bank of Oklahoma in Tulsa backed the purchase with a $2.1 million loan. A listing shows there is 6,500 SF of vacant space.
CFKS Investments LLC, led by Scott Stokenbury, was the seller. CFKS acquired the property in 2014 for $1.55 million.
Foundation Deal
The Schmieding Foundation of Springdale sold a 6,240-SF office building on North Frontage Road in Fayetteville.
Daugherty & Daugherty Properties LLC, led by Robert and Jason Daugherty, paid $690,000 for the property, which was formerly the home of the First National Title Co. The property is at the northeast corner of Frontage and Joyce Boulevard.
Simmons First National Bank of Springdale funded the purchase with a loan of $590,000.