Jacksonville Apartments Add Up to $4.7M Sale (Real Deals)

by George Waldon  on Monday, Dec. 17, 2012 12:00 am  

Royal Chalet Apartments, Jacksonville.  (Photo by Jason Burt)

The sale of 175 units of apartments in Jacksonville tipped the scales at $4.7 million.

Blue Dog Ventures LLC, led by Joi Whitfield, bought the 66-unit Royal Chalet project at 700 Poplar St., the 56-unit Jackson Square project at 300 Hospital Drive and 1201 South Road and the 53-unit Poplar Square project at 701 Poplar St.

The sellers were Poplar Square LLC and Jackson Square LLC, led by Michael and Sue Corker. The deal is financed with a three-year loan of $3.99 million from Central Bank of Little Rock and a 20-year loan of $735,000 from the Corkers.

The properties previously were tied to a December 1994 loan of $720,500 from Charter State Bank of Beebe, a July 2001 loan of $596,549 from Pinnacle Bank of Little Rock and a June 2006 loan of $1.57 million from BancorpSouth Bank of Tupelo, Miss.

The Corkers purchased the properties from:

  • Saleem Enterprises LLC, led by Muhammad Saleem, $1.57 million for the 1.44-acre Royal Chalet property in June 2006.
  • Real Estate Central Inc., led by Byron McKimmey, and Dale Aclin, $721,000 for 48 units and a 1.67-acre piece of the Jackson Square property in December 1994.
  • Federal Deposit Insurance Corp., as receiver for FirstSouth of Pine Bluff, an unrecorded sum for the 1.26-acre Poplar Square property in May 1991.
  • Scott Burnett, $130,000 for eight units of the 0.52-acre 1201 South Road property in October 1993.

Dollar Deal

A Family Dollar Store in southwest Little Rock changed hands in a $1.1 million sale.

Family Dollar Stores of Arkansas Inc. of Charlotte, N.C., acquired the project at 10422 Chicot Road from Max Alley Investments LLC, led by James Herrington.

The 1.46-acre development is backed with a January 2012 mortgage of $1.05 million held by Peoples State Bank of Texarkana, Texas.

The location was bought for $290,000 11 months ago from APS Investments LLC, led by Avtar Momi and Sapal Kamboj.

Bank Space

Downtown Little Rock office space of 5,593 SF shifted ownership in a deal valued at $750,000.



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