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.

Bank of England purchased the 11th floor of The Residences at Building 5 from Arkansas Riverview Development LLC, led by Brad Canada.

The Canada family, leading stockholders in the bank, purchased the half-acre development at 5 Statehouse Plaza through the limited liability company and added five stories to it.

Bank of England owns and occupies the fifth and sixth floors, totaling 12,880 SF.

The property was acquired for $950,000 in April 2004 from the Arkansas Bar Foundation.

Office Purchase

A 2,814-SF office building in west Little Rock drew a $275,000 transaction.

Raymond Chong bought the 10401 W. Markham St. project from Williams Company Management LLC, led by Carole Canino.

The 0.61-acre development previously was linked with a May 2008 mortgage of $132,000 held by Arvest Bank of Fayetteville.

The property was purchased for $190,000 in November 2002 from E.M. Fryxell.

Harvey Land

A 16.69-acre parcel in west Little Rock rang up a $266,000 sale.

Richardson Investments Management LLC, led by Keith Richardson, acquired the land near the southeast corner of 36th Street and Bowman Road. The seller is J. Paulette Inc., led by Bonnie Harvey.

The property was bought for $225,000 in October 1984 from Martin and Carol Dorman.

Sologne Manor

A 10,800-SF manor in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development sold for $1.5 million.

Christopher and Claire Pittman purchased the house from Capital Bank of Little Rock. The deal is funded with a three-year loan of $1.3 million from Merchants & Planters Bank of Batesville.

The residence previously was tied to a March 2009 mortgage of $2.05 million and a June 2009 mortgage of $150,000 held by the bank.

Sologne Residence Revocable Trust, led by Eric and Toni McDuffie, forfeited the property to Capital Bank in November 2010.

The McDuffies acquired the property for $312,000 in April 2007 from EMW Construction Inc., led by Edward Wright.

Estates Sale

A 5,087-SF home in The Estates neighborhood of west Little Rock’s Chenal Valley development changed hands in a $699,000 deal.

Michael and Holiday Ross bought the house from Charles and Kendra Vondran. The deal is backed with a six-month loan of $559,200 from Little Rock’s Bank of the Ozarks.

The residence previously was linked with a February 2009 mortgage of $417,000 held by One Bank & Trust of Little Rock.

The Vondrans purchased the property for $510,000 in March 2005 from the Albert & Arlene Visconti Family Trust.

Deauville Home

A 5,078-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $633,000 sale.

Srinivasan Ramaswamy and Roopa Ram acquired the house from Chad and Lacy Matone. The deal is financed with a 15-year loan of $417,000 and a five-year loan of $89,400 from Metropolitan National Bank of Little Rock.

The residence previously was tied to March 2011 mortgages of $417,000 and $70,000 held by North Little Rock’s National Bank of Arkansas. The property was bought for $560,000 20 months ago from Little Rock’s Rector Phillips Morse.

Germay House

A 4,800-SF home in the Germay neighborhood of west Little Rock’s Chenal Valley development rang up a $585,000 transaction.

Antonio and Benecia Moore purchased the house from Greenbrier’s Homebank of Arkansas. The deal is funded with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. and a $51,000 loan from Homebank.

The residence previously was linked with a March 2009 mortgage of $651,577 held by the bank. Homebank recovered the property in July 2011 from Kevin Hannah at a $647,000 foreclosure sale.

The location was acquired for $140,000 in December 2005 from Harold Purdy Jr.

Retail Refinance

The owner of a 68,610-SF retail center anchored by Old Navy in west Little Rock landed a $7.25 million funding agreement.

Chenal Commons DST of Oak Brook, Ill., obtained the financing from JP Morgan Chase Bank of New York.

The 5.5-acre Chenal Commons development at 12801 Chenal Parkway previously was tied to February 2005 loans totaling $9.1 million from Bear Stearns Commercial Mortgage Inc. of New York.

The project was bought for $12.25 million in November 2004 from Chenal Retail Inc., owned by the Arkansas Public Employees Retirement System.

Ownership was redistributed among a group of investors spread across the nation in deals totaling more than $13 million. APERS purchased Chenal Commons for $10.6 million in October 2000 from Chenal Commons Ltd. of Houston.

Multimillion-Dollar Construction

Fountaine Bleau Phase 3    $10,250,000
10621 Paul Eells Drive, North Little Rock
Burkhalter Technologies
North Little Rock

Placid Hills Retirement Village    $5,000,000
1001 Donovan Briley Blvd., North Little Rock
FFH Construction LLC
Fort Smith

Little Rock Christian Academy Warrior Hall    $3,000,000
19010 Cantrell RoadJames H. Cone Inc.
Little Rock

Eighth Street Baptist Church    $2,056,034
821 W. Hickory St., North Little Rock
Massey Construction Co.
Little Rock

Westside Dialysis Clinic    $1,200,000
1515 Kanis Park Drive, Little Rock
Harco Constructors LLC
North Little Rock

 

 

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