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Tandem Apartment Sales Add Up to $11.2 Million (Real Deals)

5 min read

The sale of two apartment projects combined for more than $11.2 million.

SC Apartments AR LLC bought the 196-unit Shorter College Gardens Apartments at 800 Beech St. in North Little Rock for $7.05 million.

WB Apartments LLC purchased the 100-unit Willow Bend Apartments at 300 Marshall Road in Jacksonville for $4.25 million.

The affiliates of Millennia Housing Development of Cleveland acquired the properties from affiliates of Reliance Capital Partners of West Hollywood, California: College Gardens Apartments LLC and Willow Bend Apartments LLC.

SC Apartments assumed a September 2009 mortgage of $4.87 million held by the Federal National Mortgage Association of Washington, D.C.

The 10.73-acre College Gardens development was bought for $3.2 million in September 2008 from Intrepid Investments Inc., led by Christopher Schultz.

WB Apartments assumed a December 2012 mortgage of $2.7 million held by Fannie Mae.

The 10.41-acre Willow Bend development was purchased for $2.6 million in August 2008 from Marshall Management Inc., led by Donald Marshall Jr.

Convenient Location

A site for a convenience store project in North Little Rock tipped the scales at $1.76 million.

Murphy USA Real Estate LKE 13 Ltd., an affiliate of El Dorado’s Murphy USA Inc., acquired the 2.8-acre Budgetel Inns & Suites location at 111 Pershing Blvd. from Tariq Inc. of Farmers Branch, Texas.

Tariq bought the property in June 1999 as part of a $2.29 million deal with Nahop Partners Ltd., led by G.D. Gunn.

Convenient Sale

A 2,600-SF convenience store in south Pulaski County changed hands in a $627,000 sale.

Sultana’s Property LLC, led by Kammarsultana Pabanl, purchased the 224 E. Bingham Road project. The seller is Sultan Inc., led by Chodry Cheema.

The deal is financed with a $354,575 loan from Centennial Bank of Conway. The 1.64-acre development previously helped secure an April 2014 mortgage of $1.14 million held by the bank.

Sultan acquired the property two years ago as part of a $1.4 million deal with KSA Investment Group Inc., led by Mohammad Lone.

Hub Acquisition

A 17,416-SF commercial project in North Little Rock shifted ownership in a deal valued at $575,773.

The Arkansas Regional Innovation Hub Inc., led by John Gaudin, bought the 201 E. Broadway property. The seller is The Mill LLC, led by Jack Grundfest and Gaudin.

The deal is backed with a seven-year loan of $775,000 from IberiaBank of Lafayette, Louisiana.

The Mill purchased the 0.64-acre development in March 2008 as part of a $900,000 deal with from Mountaire Corp., led by Ron Cameron.

Church Transaction

Sherwood congregations were on either side of a $520,000 church transaction.

New Beginnings Church Ministries Inc. acquired Victory Missionary Baptist Church at 515 Sherwood Ave.

The deal is funded with a five-year loan of $395,000 from First Arkansas Bank & Trust of Jacksonville.

The 1.31-acre property was assembled in four transactions with Metropolitan Trust Co. totaling more than $11,000 in July 1957, February 1968 and April 1975.

Branch Buy

A North Little Rock bank branch rang up a $430,000 sale.

Tropical Real Estate LLC, led by Glen Johnson, purchased the 2610 Main St. project from Arvest Bank of Fayetteville. The deal is financed with a one-year loan of $696,000 from Simmons First National Bank of Pine Bluff.

The 0.62-acre location was acquired in June 2003 as part of a $205,000 deal with Crossroads Shopping Center LLC, led by Warren Stephenson.

Solluna Purchase

A 3,150-SF commercial building in west Little Rock drew a $360,000 transaction.

Solluna Holdings LLC, led by William Lulky, bought the 8601 W. Markham St. project from the Paul Charles & Charlene D. Prousnitzer Family Revocable Trust.

The deal is backed with a five-year loan of $350,000 from Southern Bank of Poplar Bluff, Missouri.

The 0.49-acre property was purchased for $25,000 in March 1961 from Henry Brothers Suppliers & Builders Inc.

Transferred Title

A nearly 1-acre commercial site in west Little Rock shifted ownership in a transfer valued at $350,000.

Central City Properties LLC, led by German Jimenez, acquired the land near the northeast corner of Stagecoach and Otter Creek roads. The seller is 2610 Acres LLC, led by Rick Ferguson.

The deal is funded with a one-year loan of $350,000 from Bank of Little Rock.

The property was bought in May 2003 as part of a $775,000 deal with Otter Creek Development Co., led by Robert McGinnis and Byron Eiseman Jr.

Mini-Property

Land for expansion of a Jacksonville mini-storage project sold for $155,000.

Mini Storage Service Co. LLC, led by Terry Bean, purchased the 4.4-acre property at 1016 School Drive from Frederic Vick.

The deal is financed with a $175,000 loan from First Security Bank of Searcy.

Vick acquired the property for $112,000 in August 2009 from the estate of Inadel Vick Tigirt.

Club House I

A 6,945-SF home near the Country Club of Little Rock weighed in at $1.99 million.

Walter Hixson bought the house from CGAH LLC, led by Nancy Stephens.

CGAH purchased the property in May 2004 as part of a $1.8 million deal with Linda Landers.

Club House II

A 2,873-SF home near the Country Club of Little Rock is under new ownership after a $595,000 sale.

Ned and Laura Rawlings acquired the house from Eileen and Steven Denne. The deal is backed with a 30-year loan of $250,000 from IberiaBank Mortgage Co. of Little Rock.

The residence previously was tied to a September 2011 mortgage of $414,000 held by Little Rock’s Bank of the Ozarks.

The Dennes bought the property for $535,000 in July 2009 from Mark and Katherine Ramm.

Argenta Flats

Construction of an 82-unit apartment project in downtown North Little Rock is backed with a $7.1 million funding agreement.

Argenta Flats LLC, led by Nathan and Brent Salter and Jack Grundfest, obtained the five-year loan from IberiaBank.

The land at 600-800 Maple St. was assembled in two December deals totaling $1 million.

The sellers were City Grove LLC, led by John Gaudin, $696,000; and the city of North Little Rock, $319,000.

Garver Financing

The owner of a North Little Rock office building landed a $4.4 million financial package.

Taipanic Investment Group LLC, led by Herbert Parker, received the seven-year loan from JPMorgan Chase Bank of New York.

The 6.38-acre Garver engineering development at 4701 Northshore Drive previously was linked with a June 2008 mortgage of $7.6 million held by IberiaBank.

The property was purchased for $1.17 million in July 2007 from Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

Spring Funding

A 48,000-SF office building in downtown Little Rock is securing a $2 million mortgage.

No. 1 Spring Street Building Ltd., led by Greg Cockmon, got the two-year loan from IberiaBank.

The 0.4-acre development at 101 Spring St. previously was linked with a January 2012 mortgage of $3 million held by Arvest Bank.

The location was acquired for $149,000 in January 1974 from the Housing Authority of Little Rock.

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