Posted 5/27/2013 12:00 am
Did you know that most of the troubled Valley Heights Apartments project in Little Rock is under new ownership?
Cantrell Heights LLC, led by John Bailey, purchased 126 units of the 198-unit complex at 6900 Cantrell Road in a $4.4 million transaction.
Centennial Bank of Conway sold this 4.9-acre piece of the development after recovering it at a $2 million foreclosure sale in March.
Bailey’s charge is to tame the feral condition of the project left by its previous owner/manager: his former brother-in-law, David Henry.
You might recall the city of Little Rock declared Valley Heights to be a public nuisance a year ago.
You also might recall that Regions Bank of Birmingham, Ala., filed foreclosure in connection with the remaining 72-unit portion of the project late last year.
The lender is pursuing a summary judgment of $4.6 million against Henry, his ex-wife, Madeline, and another of his business entities, Valley Heights II Ltd.
The debt is associated with the construction of low-income, tax-credit subsidized housing.
A ruling on Regions’ summary judgment motion was delayed because Henry was undergoing a stem cell transplant at Houston’s M.D. Anderson Cancer Center. A hearing is scheduled for June 6.