Little Rock Apartment Complex Sold for $2.2 Million (Real Deals)

by George Waldon  on Monday, Feb. 18, 2008 12:00 am  

Apartment Transaction

A 100-unit apartment project in southwest Little Rock tipped the scales at $2.2 million. Auxora Arms 2007 LLC, an affiliate of American Community Developers Inc. of Detroit, bought its namesake project at 9101 Auxora Road.

The 6.3-acre development previously was tied to a December 1971 mortgage of $1.32 million originally held by Little Rock's Commercial National Bank.

The location was acquired for $75,000 in September 1971 from W.W. and Helen Arlitt.

Office Acquisition I

A 21,178-SF office building in west Little Rock is under new ownership after a $1.6 million sale.

Atlas Texas Construction & Trading Inc. of Houston purchased the 21 Corporate Hill Drive project, home to the Lisa Academy. The seller is JRC Family LLC, led by Robert L. Watson.

The deal is backed with a 15-month loan of $1.04 million from the seller. The late Dr. J. Roger Clark bought the 2.21-acre site in December 1992 for $300,000 ($3.11 per SF).

The seller was Markham Street Development. The investment group originally was composed of James Summerlin and Vernice Wright, 41.9 percent; Pat Morrison, 18.7 percent; Gary Dean, 17.5 percent; Jim May III and Lewis May, 10 percent; John Flake, 7.5 percent; and Wingfield Martin, 4.4 percent.

Industrial Sale I

A lumber yard in east Little Rock rang up a $1.3 million transaction. Ben and Diane Davis acquired the Northwest Hardwoods project at 2005 E. 17th St. from Weyerhaeuser Co. of Federal Way, Wash.

The deal is financed with a three-year loan of $1.3 million from One Bank & Trust of Little Rock.

Weyerhaeuser entered the ownership picture when it purchased Little Rock's J.H. Hamlen & Son Inc. in 1988 for an undisclosed sum and added a small adjoining property for $12,000 in a July 2001 deal with Fabrication Services Inc., led by Robert Oleson.

Foreclosure Purchase

An undeveloped hotel site in west Little Rock changed hands in a $1.1 million foreclosure sale.

ISB Westlake LLC, led by James Irwin, Mark Saviers and Claude Ballard, bought the 5.4-acre location at the northeast corner of Center View and Peach Tree drives.



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