Our Way Apartments in WLR Sells for $2.88 Million (Real Deals)

Ownership of a 144-unit apartment complex in west Little Rock shifted in a $2.88 million deal.

Our Way Partners Ltd. of Cucamongo, Calif., acquired Our Way Apartments at 10434 W. 36th St. from Our Way Inc., led by Sharlett Craig.

The deal is financed with a $3.98 million loan from Stearns Bank National of St. Cloud, Minn. The 16.1-acre development previously was tied to a March 1978 mortgage of $3.3 million from the U.S. Dept. of Housing & Urban Development.

The location was purchased nearly 18 years ago from Louis Nalley Sr. and his wife, June, for $107,000.

Whispering Purchase

A 38-acre mobile home park in southwest Little Rock changed hands in a $1.2 million deal.

Marshall and Nadja Jackson bought Whispering Hills Mobile Home Estates at 11500 Chicot Road from L&B Inc., led by Linda Wheeler.

The deal is backed with a three-year loan of $1 million from Metropolitan National Bank of Little Rock and a $500,000 loan from L&B.

The property was acquired $675,000 in June 1991 from the Kendall Family Trust, led by D.S. Kendall.

Apartment Sale

A small apartment project in North Little Rock drew a $569,000 transaction.

Woodward-Jon Properties LLC, led by David Falcon and William McCrary, purchased the project at 4412 Lynn Lane. The seller is Arkansas Homevestors LLC, led by Timothy and Sarah Clark and Traci Willis.

The deal is funded with a five-year loan of $529,000 from Regions Bank of Birmingham, Ala.

The 0.97-acre development previously was linked with a June 2004 mortgage of $483,300 and a June 2005 mortgage of $85,000 held by the bank.

The property was bought for $521,000 19 months ago from Amata and Charles Smith and Gwendolyn Alter.

Restaurant Site

A 0.76-acre commercial site in southwest Little Rock rang up a $389,000 sale.

Restinvest LLC, led by Gerald Kinion, acquired the property at 10114 Mabelvale Plaza Drive. The seller is Mabelvale Plaza Phase II LLC, led by Rick Ashley.

Construction is financed with a 10-year loan of $950,000 from Arvest Bank of Tulsa.

The land is part of an 85.4-acre tract assembled by the Ashley family’s Conservative Development Co. in deals with Agnes Martin and Marilyn Garner, 44.4 acres for $1.62 million in September 1992, and with Billy Jane McGourik Bussa, 41 acres for $1.03 million in March 1992.

Hillcrest Land

Undeveloped property in the Hillcrest area of Little Rock sold for $297,000.

Community Real Estate Partners LLC, led by John Borchert, bought the 1.3-acres on the north side of “A” Street between North Van Buren and Harrison streets. The seller is S&B Corp LLC, led by Sharon Adkins.

The property was part of the $930,000 acquisition of the Markham Inn at 5120 W. Markham St. in May 2002 from Beal Bank of Dallas.

Bush Buy

Commercial property in southwest Little Rock shifted ownership in a transaction valued at $150,000.

CA&JL Enterprises Inc., led by James Bush, purchased the 8100 Geyer Springs Road property from John and Sue Bush. The deal is financed with a 30-year loan of $120,000 from Silver Hill Finance LLC of Coral Gables, Fla.

The 0.78-acre location was bought for $195,000 in May 1998.

The sellers were William and Elizabeth Terry, Joseph A. Terry and the Adolphine F. Terry Trust, 12.5 percent each; the estate of Leonard Drennan Jr., 8.34 percent; Mary Drennan Harne and her husband, Gary, and Leonard J. Drennan, 8.33 percent each; Joan Terry Oliver and her husband, J. Bruce, 6.95 percent; Tonya Terry Smith and her husband, William, 5.55 percent; Mary Yatsevitch, Margaret and Edward Yatsevitch, Stephanie Yatsevitch, Michael Yatsevitch and McGregor Yatsevitch, 5 percent each.

Chenal Abode I

A 4,500-SF home in west Little Rock’s Chenal Valley neighborhood tipped the scales at $650,000.

Frank Mullins Jr. and his wife, Molly, acquired the house from Edward and Lisa Wright. The residence previously was tied to an October 2002 mortgage of $207,000 held by Bank of the Ozarks in Little Rock and a January 2005 mortgage of $375,000 held by Metropolitan National Bank.

The location was purchased for $79,000 in October 2001 from Deltic Timber Corp. of El Dorado.

Cliffewood Home

A 3,200-SF home in Little Rock’s Cliffewood neighborhood changed hands for $635,000.

Daniel and Stephanie Bynum bought the house from Nikolai and Leslie Fisken. The deal is backed with a 30-year loan of $400,000 from One Bank & Trust of Little Rock.

The residence previously was linked with an August 2003 mortgage of $374,000 held by the bank.

The Fiskens acquired the property for $465,000 in June 2002 from Lowell and Kimberly Marchant.

Chenal Abode II

A 5,000-SF home in west Little Rock’s Chenal Valley neighborhood rang up a $585,000 sale.

Reid and Kay Mitchell purchased the house from Robert Boyles Jr. and his wife, Leslie. The deal is funded with a pair of 30-year loans totaling $525,000 from Pulaski Mortgage.

The residence previously was tied to a January 2003 mortgage of $320,000 held by Arvest Mortgage Co. of Lowell and an August 2003 mortgage of $100,000 held by Arvest Bank of Little Rock.

The location was bought for $62,000 in January 2002 from Deltic Timber Corp.

Grandview Residence

A 2,750-SF home in Little Rock’s Grandview neighborhood drew a $525,000 transaction.

The Paula B. Aultz Revocable Trust acquired the house from the Cloud N. Keyes Revocable Trust. The deal is financed with a 30-year loan of $525,000 from Arvest Mortgage Co.

The residence previously was linked with an August 2003 mortgage of $700,000 held by Metropolitan National Bank.

The property was purchased for $146,000 in March 1993 from E. Kyle Dalton.

Shadowlawn House

A 2,600-SF home in Little Rock’s Shadowlawn neighborhood is under new ownership after a $520,000 deal.

Dennis Jacks and Lizabeth Roberts bought the house from Gary Duke. The deal is backed with a three-year loan of $495,000 from Pine Bluff National Bank.

The residence previously was tied to an August 2005 mortgage of $225,000 held by Pulaski Mortgage Co. of Little Rock and an August 2005 mortgage of $45,000 held by Arvest Bank.

Duke acquired the property for $260,000 in November 2004 from Brett Pitts.

Chenal Abode III

A 3,700-SF home in west Little Rock’s Chenal Valley neighborhood sold for $510,000.

Napoleon and Phyllis Johnson purchased the house from Bowden Boshears Construction Co. The deal is funded with a 30-year loan of $357,000 held by American Wholesale Lender of Dallas.

The residence previously was linked with an August 2004 mortgage of $412,000 from Bank of the Ozarks.

The site was bought for $68,000 in January 2004 from Deltic Timber Corp.

Town Center Loan

An undeveloped 176-acre tract in southwest Little Rock is securing a $2.5 million financial package.

Town Center LLC, led by Tommy Hodges, obtained the three-year loan from Bank of the Ozarks

The land at the northwest corner of Interstates 430 and 30 previously was tied to a $2.6 million mortgage held by Metropolitan National Bank.

The property was assembled in four January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.

Hickory Grove Funding

A residential project in west Little Rock is backed with a $2.1 million funding agreement.

EV Mark Development LLC, led by James and Melinda Markus and Robert and Lori Evans, received the two-year loan from Metropolitan National Bank.

The 12 lots in the Hickory Grove subdivision and 38.6 acres west of Hinson Road and north of Windsor Road previously were linked with a July 2003 mortgage of $1.7 million held by Arvest Bank.

The property was acquired in July 2003 as part of a $725,000 deal with Little Rock’s First Baptist Church.

Glover Mortgage

Industrial property in North Little Rock is backing a $1.44 million mortgage. James and Myrna Glover, got the five-year loan from Summit Bank of Hope. The 5-acre Glovers Truck Parts & Equipment development at 1200 Baucum Industrial Drive and 12.2 acres previously were tied to a December 2004 mortgage of $1 million held by Capital Bank of Little Rock.

The land was assembled in three transactions totaling $220,000.

The sellers were the Herschel Friday estate, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton, William and Mary Lou Cravens, and Oaklawn Jockey Club Inc., led by Charles Cella, $85,000 in July 2003; and $64,000 in November 1998; and Western Little Rock Co., led by Floyd Fulkerson, $71,000 in December 1996.

Church Financing

A Jacksonville congregation landed an $874,231 financial package.

McArthur Assembly of God Inc. obtained the two-year loan from Bank of the Ozarks.

The 28.3-acre development previously was linked with a November 2003 mortgage of $400,000 and a June 2004 mortgage of $350,000 held by the bank.

The congregation bought the location in May 1996 as part of a $200,000 deal with Ruth Harry and the Pearl H. Straus Living Trust.

Downtown Debt

Property in downtown Little Rock is securing an $815,000 funding agreement.

The John Mathis Lile III Revocable Inheritance Trust received the three-month loan from Arvest Bank.

The 0.24-acre property at 519-523 Center St. previously was tied to a June 2003 mortgage of $146,000 held by North Little Rock’s National Bank of Arkansas and a May 2005 mortgage of $140,000 and a July 2005 mortgage of $75,000 held by Arvest Bank.

The trust purchased the property for $400,000 in April 2003 from Quapaw Restoration Associates LLC, led by Johnny Mitchum.

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