Pleasant Woods Apartments Sell for $12.2 Million (Real Deals)

by George Waldon  on Monday, Mar. 12, 2012 12:00 am  

The sale of a 220-unit apartment project in west Little Rock tipped the scales at $12.25 million.

Pleasant Woods LR LLC, an affiliate of Dial Realty of Omaha, Neb., acquired its namesake project at 11800 Pleasant Ridge Road.

The seller is Pleasant Woods Apartment Associates LLC of Yardley, Pa.

The deal is financed with a seven-year loan of $9.8 million from Grandbridge Real Estate Capital LLC of Charlotte, N.C.

The 18.3-acre development previously was tied to an August 2005 bond issue of $6.39 million through Little Rock's Residential Housing & Public Facilities Board and a $2.3 million loan from GMAC Commercial Mortgage Corp. of Horsham, Pa.

The project was bought for $8 million in June 2003 from Pleasant Woods/DEC Ltd. of Columbus, Ohio.


Warehouse Buy

A 71,130-SF warehouse in Little Rock changed hands in a $500,000 deal.

8121 Distribution Drive LLC, led by Adam Hart, Justin Muller and Herman Scott, purchased its namesake property from the Arkansas Foodbank Network.

The deal is backed with a $675,000 loan from First Security Bank of Searcy.

The 6.3-acre development previously was linked with an April 1998 mortgage of $490,000 held by Regions Bank of Birmingham, Ala.

The Arkansas Foodbank Network acquired the project for $300,000 in February 1995 from Rockapar Corp. of Atlanta.



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