An income-producing multifamily property two miles east of the University of Arkansas in Fayetteville has sold for $4.5 million.
Raymond Merrill of Sallisaw, Oklahoma, through his Levi Storage Center LLC, is the new owner of the property, near Happy Hollow and East Huntsville roads.
RCB Bank in Broken Arrow Bank, Oklahoma, provided financing with a 20-year mortgage of $3.8 million.
The seller of the property at 788 South Silverado Drive was PVG Investments LLC of Fort Smith, led by Rick Parker, Mark Vogt and Robert Gunn.
The property includes five buildings and 114 units. At the time of the sale, the property had an occupancy of 94 percent.
Bleaux Barnes with Mathias Properties in Fayetteville had the listing.
Trinity Multifamily of Fort Smith is the property manager.
The apartment complex... [ MORE ]