Maumelle Apartments Sell for $1.4M (Real Deals)

by George Waldon  on Monday, Mar. 4, 2013 12:00 am  

A 28-unit apartment project in Maumelle tipped the scales at $1.4 million.

Pine Forest Apartments LLC bought its namesake project at 301 N. Pine Forest Drive from Glenn and Leanna McClendon.

The new ownership group includes Jason Bolden, C.W. Freedman, Paul Sheptow, Paul M. Sheptow Revocable Trust and Bradford Family Revocable Trust, led by Robert Henry Bradford Jr. and his wife, Sandra.

The deal is backed with a 10-year loan of $1.13 million from Central Bank of Little Rock.

The 2.6-acre development previously was tied to a June 2012 mortgage of $1.2 million held by Centennial Bank of Conway.

The property was purchased for $1.35 million in September 2007 from Maumelle Properties, led by Lundy and Linda Colvert.

Our House Project

A 1.43-acre piece of the old Veteran’s Administration Hospital campus in downtown Little Rock sold for $150,000.

Our House Inc., led by Georgia Mjartan, acquired the former VA boiler plant and maintenance shops near the southeast corner of East 24th Street and the Interstate 30 Frontage Road.

The seller is Institute in Basic Life Principles Inc. of Oak Brook, Ill., led by William Gothard.

Our House intends to develop an 18,500-SF facility to house programs for homeless and low-income children, including a licensed child care center and after-school and summer programs.

The former VA campus was donated to the Christian nonprofit organization in December 1999 by Hob-Lob Ltd.

 

 

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