Our Way Apartments in WLR Sells for $2.88 Million (Real Deals)

by George Waldon  on Monday, Feb. 6, 2006 12:00 am  

Ownership of a 144-unit apartment complex in west Little Rock shifted in a $2.88 million deal.

Our Way Partners Ltd. of Cucamongo, Calif., acquired Our Way Apartments at 10434 W. 36th St. from Our Way Inc., led by Sharlett Craig.

The deal is financed with a $3.98 million loan from Stearns Bank National of St. Cloud, Minn. The 16.1-acre development previously was tied to a March 1978 mortgage of $3.3 million from the U.S. Dept. of Housing & Urban Development.

The location was purchased nearly 18 years ago from Louis Nalley Sr. and his wife, June, for $107,000.

Whispering Purchase

A 38-acre mobile home park in southwest Little Rock changed hands in a $1.2 million deal.

Marshall and Nadja Jackson bought Whispering Hills Mobile Home Estates at 11500 Chicot Road from L&B Inc., led by Linda Wheeler.

The deal is backed with a three-year loan of $1 million from Metropolitan National Bank of Little Rock and a $500,000 loan from L&B.

The property was acquired $675,000 in June 1991 from the Kendall Family Trust, led by D.S. Kendall.

Apartment Sale

A small apartment project in North Little Rock drew a $569,000 transaction.

Woodward-Jon Properties LLC, led by David Falcon and William McCrary, purchased the project at 4412 Lynn Lane. The seller is Arkansas Homevestors LLC, led by Timothy and Sarah Clark and Traci Willis.

The deal is funded with a five-year loan of $529,000 from Regions Bank of Birmingham, Ala.



Please read our comments policy before commenting.