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Park Avenue Lofts Sells In $36M Transaction (Real Deals)

5 min read

A 258-unit upscale apartment complex in midtown Little Rock weighed in at $36 million.

ER Park Avenue Apartments LLC, an affiliate of Equity Resources LLC of Birmingham, Alabama, purchased Park Avenue Lofts at 320 S. University Ave.

The seller is Park Avenue Apartments LLC, an affiliate of Lang Partners of Dallas. The deal is financed with a $28.8 million loan from KeyBank of Cleveland.

The development previously was linked with a February 2012 mortgage of $21.6 million held by Arvest Bank of Fayetteville.

The transaction includes 4.06 acres acquired as part of two January 2012 deals totaling $4.6 million. The seller was SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

Epoch Acquisition

A commercial conversion of a 9,976-SF project in downtown Little Rock is following an $880,000 transaction.

Epoch Church bought the former home of Capital Business Machines at 924 Main St. from McWilliams Family Ltd., led by Michael McWilliams.

The deal is backed with a 10-year loan of $660,000 from Ministry Partners Investment Co. LLC of Brea, California, and a $110,000 loan from McWilliams Family Ltd.

The McWilliams family purchased the property for $175,000 in July 1982 from the Lenora S. England estate.

Warehouse Purchase

A 34,960-SF warehouse in Little Rock changed hands in a $700,000 deal.

Shearer Investments LLC, led by Michelle Rodriguez-Shearer, acquired the Shearer Supply facility at 6000 Scott Hamilton Drive.

The seller is Shollmier Family Ltd., led by Ken Shollmier.

The limited partnership carried $630,000 of the purchase price. The 2.39-acre development was bought for $418,000 in April 2002 from Dr. Pepper Bottling Co. of Paragould Inc.

American Legion Redux

A commercial redevelopment and multifamily project are in motion after a $645,000 sale in downtown Little Rock.

Moses Tucker Investments LLC, led by Jimmy Moses, purchased the American Legion building at 315 E. Capitol Ave. The seller is M.M. Eberts Post No. 1, led by Ken Fielder.

The American Legion building will be converted to 7,500 SF of retail, and the 36-unit Legion Village complex will be built on an adjoining parking lot to the south. Construction is funded with a 27-year loan of $3.9 million from BancorpSouth Bank of Tupelo, Mississippi.

The 0.84-acre property was assembled in two deals totaling more than $110,000. The sellers were Citation Properties Inc., led by Junius Holmes, more than $70,000 in February 1968; and James Bell and Kremer Enterprises Inc., $40,000 in June 1985.

Land Sale

A 34.5-acre parcel in North Pulaski County is under new ownership after a $150,000 transaction.

Sarah Bradley bought the land on Settlement Road from Radiology Consultants of Little Rock Profit Sharing Trust.

The deal is financed with a five-year loan of $150,000 from the Hazel Ann Ball Revocable Trust.

The property was assembled in two deals totaling $93,000. The sellers were Mary Jo Herring, $45,000 in July 1997; and Donald and Paula Bradley, $48,000 in May 2001.

Deauville Abode

A 7,262-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development rang up a $930,000 sale.

Robert Clancy Jr. acquired the house from Bhu and Jyoti Makan. The deal is backed with a 30-year loan of $600,000 from Wells Fargo Bank of Sioux City, South Dakota.

The Makans bought the property for $900,000 15 months ago from Allied Bank of Mulberry. The bank recovered it from A.J. and Gwen Gilbert in July 2013 at a $850,000 foreclosure sale.

Chenal Downs Deal

A 6,284-SF home in west Little Rock’s Chenal Downs neighborhood drew an $816,000 transaction.

Sean and Sharon Adams purchased the house from Centennial Bank of Conway. The deal is funded with a 15-year loan of $191,000 from Centennial.

The bank recovered the property from David and Samantha Crews at a $725,000 foreclosure sale in April.

The residence previously was tied to a $3.2 million mortgage originated in March 2005 by Centennial Bank of Little Rock, acquired in January 2008 by Home BancShares Inc. of Conway.

Prospect Terrace Home

A 4,000-SF home in Little Rock’s Prospect Terrace neighborhood sold for $790,000.

Pope Moseley bought the house from C&L Edgewood LLC, led by Cindy Feltus.

The deal is financed with a 15-year loan of $417,000 and a five-year loan of $207,000 from Simmons First National Bank of Pine Bluff.

The property was purchased for $41,500 in April 1965 from George and Marietta Cook.

Hickory Hills Residence

A 4,090-SF home in west Little Rock’s Hickory Hills neighborhood changed hands in a $640,000 transaction.

Jonathan and Leah Reding acquired the house from the Gary Hall Revocable Trust.

The deal is backed with a 30-year loan of $608,000 from Suntrust Mortgage Inc. of Richmond, Virginia, and a one-year loan of $169,232 from BancorpSouth Bank.

The location was bought for $70,000 in June 1984 from John and Julia Jones.

Robinwood House

A 4,769-SF home in Little Rock’s Robinwood neighborhood is under new ownership after a $535,000 deal.

Richard and Miguel Newberg purchased the house from Sarah Swindler.

The property was acquired for $11,200 in December 1959 from Robinwood Pines Inc., led by C.E. Lowry.

Bayonne Buy

A 4,397-SF home in the Bayonne Place neighborhood of west Little Rock’s Chenal Valley development rang up a $505,000 sale.

Tad and Susan Tillemans bought the house from Ray Bridges III and his wife, Melissa.

The deal is funded with a 15-year loan of $404,000 and a five-year loan of $50,500 from Simmons First National Bank.

The residence previously was linked with a January 2011 mortgage of $357,000 held by Weichert Financial Services of Morris Plains, New Jersey.

The property was purchased for $450,000 in March 2008 from John and Pamela Mueller.

Oaks Refinance

The owner of a 112-unit apartment project in southwest Little Rock picked up a $3.85 million funding agreement.

The Oaks Apartments Ltd., an affiliate of Alden Pacific Asset Management LLC of Denver, obtained the 35-year loan from Greystone Funding Corp. of Warrenton, Virginia.

The 7.46-acre development at 7700 N. Chicot Road previously was tied to a January 2004 mortgage of $3.5 million originated by Reilly Mortgage Group Inc. of McLean, Virginia.

The Oaks Apartments Ltd., originally led by Deming Henry, acquired the project for $3.85 million more than 11 years ago from Old Oaks Ltd., led by Lyndell Lay.

Million-Dollar Construction

ATA International HQ    $10,100,000
1800 Riverfront Drive, Little Rock
Nabholz Construction Corp., Conway

Natural Grocers by Vitamin Cottage    $1,700,000
9210 N. Rodney Parham Road, Little Rock
McPherson Contractors Inc.,
Topeka, Kansas

Indoor Recreation Center    $1,012,795
Camp Aldersgate
2000 Aldersgate Road, Little Rock
East-Harding Inc., Little Rock

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