$42.6 Million Transaction Visits Foothills Apartments (Real Deals)

by George Waldon  on Monday, Apr. 21, 2014 12:00 am  

Foothills Apartments at 2401 Lakeview Road in North Little Rock. (Photo by Jason Burt)

A 540-unit apartment complex in North Little Rock tipped the scales at $42.6 million.

Three affiliates of Maxus Realty Trust Inc. of North Kansas City, Mo., bought the three phases of Foothills Apartments at 2401 Lakeview Road.

The sellers are Foothills Apartments Ltd., Foothills II Apartments Ltd. and Foothills Apartments III LLC, all led by the James P. Matthews family.

Three loans totaling $30 million from Greystone Funding Corp. of Warrenton, Va., were assumed by Maxus affiliates.

Ownership of the project was split among Foothills Acquisition I LLC, 152 units on 12.04 acres purchased for $8.48 million; Foothills Acquisition II LLC, 88 units on 6.26 acres acquired for $5.72 million; and Foothills Acquisition III LLC, 300 units on 24.66 acres bought for $28.4 million.

The land was assembled over the years as part of deals with H.E. and Capitola Gibbs, $1,590 in May 1926; Harry Walpole, $125 in June 1931; the state of Arkansas, $1,592 in October 1935, $315 in April 1937 and $198 in May 1939; F.J. Ginocchio Jr. and his wife, Bess, an undisclosed sum in September 1956; Fred and Josephine Brown, an undisclosed sum in October 1956; Archie House, an undisclosed sum in December 1956; the estate of Nettie Mitchell, $625 in November 1957; Fred and Katherine Watkins, $250,000 in August 1959; M.H. and Vesta Bland, $6,000 in November 1959; Frank Wielgosz and Michael Lukaszewicz, both for undisclosed sums in July 1968; Hedwig D’Argonne and Helen Bauer, both for undisclosed sums in August 1968; and Margaret Roberts et al, $9,000 in August 1978.

Land Purchase

A 16.8-acre tract in west Little Rock weighed in at $1.2 million.

VHV Partnership, led by Robert Vogel, purchased the undeveloped land south of Col. Glenn Road on the east side of Shackleford Road.

The seller is MSI Holding Co., led by Steve Wortman.

The property was used to help secure a May 2013 mortgage of $4.25 million held by First Security Bank of Searcy.

The land was part of a nearly 30-acre tract bought for $600,000. The sellers in that October 1999 deal were Atley and Betty Davis.



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