Carrington Complex Draws $21.5 Million Transaction (Real Deals)

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

A 202-unit apartment complex in west Little Rock weighed in at $21.5 million.

IRT Carrington Apartments Owner LLC of Philadelphia bought its namesake property at 1801 Champlin Drive from USA Carrington Park of Napa, California.

The deal is backed by a $16.2 million loan from IRT UPREIT Lender Ltd. of Philadelphia.

The 13.4-acre development previously was tied to a February 2006 mortgage of $15.9 million held by PNC Bank of Overland Park, Kansas.

The property was purchased for $19.9 million more than eight years ago from Chenal Development LLC of Stockbridge, Georgia.

Branch Buy

A 1,209-SF bank branch in west Little Rock is under new ownership after a $1.22 million sale.

Jefferson Bancshares Inc., parent of Relyance Bank of Pine Bluff, acquired the 11000 Financial Centre Parkway project from Simmons First National Bank of Pine Bluff.

Simmons bought the branch for $1.08 million in January 1996 from First Commercial Bank of Little Rock.

Office Acquisition

A 16,968-SF office building in midtown Little Rock tipped the scales at $925,000.

APIG LLC, led by Rebecca Stewart and Donald Carlton, purchased the University Professional Building at 1000 N. University Ave. from Physician Reliance Network LLC of The Woodlands, Texas.



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