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.

The limited partnership bought the 500,000-SF VA hospital and grounds for $300,000 in April 1998 from Pulaski Properties Inc., led by Frances M. Post. Hob-Lob is led by Steve Green, the son of David Green, founder and president of Hobby Lobby Creative Centers of Oklahoma City.

Oaks Home

A 4,555-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development rang up a $600,000 sale.

Christopher and Lisa Byrd purchased the house from the Diane Davenport Wilder Living Trust. The deal is financed with a 15-year loan of $417,000 from IberiaBank Mortgage Co. of Little Rock.

The residence previously was linked with a September 2009 mortgage of $417,000 held by Moore Mortgage Co. of Little Rock.

The property was acquired for $680,000 in January 2002 from James and Melinda Markus.

Arbors Abode

A 3,749-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $595,000 deal.

Christopher and Colleen Michaelis bought the house from Ben and Jean Duggan. The deal is funded with a 30-year loan of $455,750 from Bank of America in Charlotte, N.C.

The residence previously was tied to an April 2010 mortgage of $408,680 held by Wells Fargo Bank of Sioux Falls, S.D.

The property was purchased for $725,000 in June 2006 from KJHammer LLC, led by John Hammer.

Country Club House

A 3,060-SF home near the Country Club of Little Rock sold for $550,000.

Joseph and Michelle Upton acquired the house from Mark and Michele Meadors. The deal is backed with a $300,000 loan from Centennial Bank.

The residence previously was linked with April 2005 mortgages of $600,000 held by One Bank & Trust of Little Rock and $50,000 held by Centennial.

The property was bought for $600,000 nearly eight years ago from Ford and Stephanie Overton.

Done Deal Funding

The owner of a mixed-commercial project in Little Rock picked up a $2.5 million financial package. Done Deal Inc., led by Charles Hunnicutt, obtained loans of $2.3 million and $200,000 from First Security Bank of Searcy.

The 9.86-acre development at 10900 Stagecoach Road, which includes the Lock & Load mini-storage project and 9,729 SF of office-retail space, previously was tied to an April 2007 mortgage of $2.04 million held by Pulaski Bank & Trust of Little Rock.

The project was purchased for $2.3 million in April 2007 from Lock & Load LLC, led by Scott Girner and Clint Wilson.



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