The Real Deals: Investors are paying $5.7 million for Pea Ridge multifamily assets

The Real Deals: Investors are paying $5.7 million for Pea Ridge multifamily assets

A new multifamily construction in Pea Ridge recently changed hands for $5.7 million.

Booker Circle Pea Ridge LLC, led by Harminder and Gurpreet Thind, purchased the 33,861-square-foot property in Booker Circle. Purchase price equals $168 per square foot.

The 2.56-acre project is located north of Arkansas Interstate 94 across from Blackhawk Stadium. The seller was L&J Brothers Realty, whose members include Jian Fei Lin, Jian Gong Lin, Qingguan Liao Price and Wen Jing Xu.

Armstrong Bank of Springdale backed the deal with a 25-year, $2.51 million loan. Harbor Closing & Title in Rogers was the title agent. Joel Tritt with Weichert, Realtors – Griffin Co. In Springdale she is the listing agent. The Limbird team at Limbird Real Estate Group in Rogers represented the buyer.

The 24-unit portfolio includes three duplexes, two duplexes, and three four-unit duplexes. The average square footage is 1,410.

Downtown deal
A vacant auto body shop in downtown Bentonville has traded for $3.25 million.

Downtown Central LLC, a Delaware-registered entity, has purchased the former Jimmy’s Body Shop property at the southwest corner of Southwest A and Sixth Streets. Dean Revocable Trust was the seller.

Address City and Close Fayetteville was the title agent. Larry Horton with Bentonville Realty was the listing agent.

The 1.05-acre site includes a 5,700-square-foot, one-story building. The property holds a Downtown Core/Downtown Edge commercial district.

Downtown Central owns multiple properties in downtown Bentonville at 121 and 610 S. Main St., 115-117 W. Central Ave., and 607, 701 and 703 SW A St.

Pizza ownership
A 2.59-acre commercial lot in Fayetteville recently traded for $2.63. Purchase price equals $23.31 per square foot.

A&M Pizza Real Estate LLC of Missouri, led by Art Hurteau, purchased the parcel on North Crossover Road just north of the Mission Boulevard intersection. Hillcrest Holdings LLC, managed by Gary Nichols, was the seller.

Missouri-based Great Southern Bank backed the deal with a two-year loan of $1.57 million. The Waco Title Co. Affiliate with Springdale is the property agent. Alan Cole of Colliers Arkansas in Rogers represented the buyer.

A&M Pizza is a Domino’s Pizza franchisee in multiple states and will develop a portion of the land as a standalone restaurant with a drive-thru window. The company will move its current store in nearby Fayetteville (1814 N. Crossover) to the new building.

Cole said A&M will have additional land available for development at the North Crossover Road site after the new restaurant is built. Colliers Arkansas will market that land.

Beaver Lake Residence
A 1.8-acre residential property on Beaver Lake in Benton County recently sold for $2.26 million.

Lago Castor LLC, managed by Brian Cleary, purchased a 3,460-square-foot residence on Pine Log Road in Garfield. Purchase price equals $623 per square foot. Douglass Family Trust was the seller.

The Duley Group with Keller Williams Market Pro Realty in Rogers listed and sold the property. Pinnacle Title in Little Rock was the title agent.

The two-storey house has four bedrooms, was built in 1999 and has undergone many improvements since then. The deal includes a private four-slip dock, with three slips featuring boat lifts and one slip equipped with two PWC lifts.

Douglas paid $797,000 for the property in June 2011.

Summer sale
An updated condo on 0.6 acres in East Fayetteville’s Summersby neighborhood recently sold for $1.8 million.

Aaron and Erin Crowley purchased the 7,068-square-foot home on North Montview Drive. Purchase price equals $255 per square foot. Hunter and Jennifer Yurachek were the vendors.

Grand Savings Bank in Fayetteville backed the deal with a $1.5 million loan. Address City and Close Fayetteville was the title agent. Martha Hagwood of Lindsey & Associates in Fayetteville was the listing agent. Judy Cohen of Keller Williams Market Pro Realty in Fayetteville represented the buyer.

The two-story home was built in 2009. Juraszyk paid $1.2 million for the 0.58-acre property in June 2018.

Hagwood listed the four-bedroom home for sale in July with an asking price of $2.25 million. The property has an estimated 2023 value of $1.47 million, according to county property records.

Fayetteville Apartments
A 26-unit apartment complex near the Lewis Football Complex in Fayetteville recently sold for $1.8 million. The purchase price equals $69,230 per unit.

Harmony Heights Apartments LLC, managed by Phillip Brooks, purchased the 20,544-square-foot project on North Lewis Avenue just south of the West Deane Street intersection. Alston and Morrison Properties LLC, managed by Jack Alston, was the seller.

Address City and Close Fayetteville was the title agent. Ryan Russell with Equity Partners Realty was the listing agent.

The 0.94 acre property is located in an Opportunity Zone. The two-story complex has an on-site laundry facility and includes 25 two-bed/1-bath units and one one-bed/1-bath unit. It was built in 1972.

The property last changed hands in July 2014 for $857,000.

Pinnacle residence
A 6,233-square-foot residence within the gated Pinnacle Country Club neighborhood in Rogers recently sold for $1.3 million. Purchase price equals $209 per square foot.

Michael Cullen bought the six-bedroom house on West Champions Drive. Mejia Enterprises LLC, led by Jay Mejia, was the seller.

Eden Mejia-Ashburn of Collier & Associates in Rogers represented the seller. The Limbird Team with Limbird Real Estate Group in Rogers represented the buyer. The best address in Rogers was the title agent.

The 0.67-acre residence was built in 2002. Mejia paid $850,000 for the property in January 2022. The Marciniak Trust was the seller.

Real deal offers: Send tips about upcoming rental activity, construction, transactions, or projects in Northwest Arkansas worth $300,000 or more to Paul Gatling at (email protected). Please write “Real Deals” in the subject line.

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