Posted 3/3/2014 12:00 am
Updated 8 months ago
Did you know one of the largest apartment complexes in North Little Rock has a new owner?
Three affiliates of Maxus Realty Trust Inc. of North Kansas City, Mo., bought the three phases of Foothills Apartments at 2401 Lakeview Road.
The three-piece sale of the 540-unit complex weighed in at $42.6 million.
Sellers: Two Foothills Apartments limited partnerships and Foothills Apartments III LLC, all led by the James P. Matthews family.
You might recall that this isn’t the first Maxus Realty acquisition in Arkansas. The company has stakes in four other apartment projects.
The earliest deal dates back to September 2001: The Landings at Rock Creek, a 154-unit complex at 13200 Chenal Parkway in Little Rock for $5.4 million.
Other Maxus Realty Trust deals in Little Rock include Barrington Hills, a 232-unit complex at 1221 Reservoir Road purchased for $7 million in November 2001; and the pyro-plagued Forest Place Apartments, a 256-unit complex at 1421 N. University Ave. bought for $17.6 million in March 2002.
Completing the Arkansas quartet is a $17 million OREO acquired in May 2011 from an affiliate of Little Rock’s Metropolitan National Bank: Glen at Polo Park in Bentonville, a 356-unit complex at 6601 S.W. Mallet Road.