$42.6 Million Transaction Visits Foothills Apartments (Real Deals)

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.

Woodland Transaction

A 349-acre tract in south Pulaski County changed hands in a $530,196 deal.

Regions Southeast Timber Fund II LLC of Birmingham, Ala., acquired the land along a 1.5-mile stretch on the west side of Interstate 530 from the Saline County line.

The seller is Ten Mile Properties LLC, led by Philip Tappan.

The land near Hensley was purchased in June 2008 as part of a $464,000 deal with Blue Sky Timber Properties LLC of Memphis.

Blue Sky is a subsidiary of Southeast Timber Inc., which is controlled but not wholly owned by International Paper Co.

Day Care Recovery

A 20,888-SF day care in Little Rock is under new ownership after a $500,000 foreclosure sale.

Centennial Bank of Conway recovered the Kids First project at 1919 W. 12th St. from Burrow Family Trust, led by Bruce Burrow.

Centennial entered the picture in October 2013 when its parent company acquired Liberty Bank of Arkansas in Jonesboro.

The 1.6-acre development previously was tied to a November 2011 mortgage of $1.86 million and a March 2012 mortgage of $21,800 held by Liberty Bank.

The property was acquired for $500,000 in May 2002 from two New York firms: QRS 10-9 (AR) Inc. and QRS 11-2 (AR) Inc.

Multifamily Deal I

An eight-unit apartment complex in Little Rock rang up a $485,000 sale.

Here’s The Deal Properties LLC, led by Todd Sweeden and Chris Lash, bought the 517 Chickadee Drive project from the Claudia L. Parks Rental Trust.

The deal is financed with a three-year loan of $385,000 from Eagle Bank & Trust of Little Rock and a five-year loan of $70,000 from the seller.

The 0.36-acre development was purchased for $250,000 in March 1996 from Shirley Moody Thompson, Phillip Moody and Stephen Moody.

Auto Sale

A 4,085-SF auto repair project in Little Rock drew a $475,000 transaction.

Extreme Auto Plaza LLC, led by Sammy Alsofari, acquired Midas Muffler at 5013 S. University Ave. The seller is Alkar Realty Inc., led by Jean Kohler.

Alkar provided a $471,000 mortgage to fund the deal. The 0.39-acre development previously was linked with a June 1996 mortgage of $1.4 million held by Eagle Bank & Trust.

The property was purchased for $333,000 in July 1986 from Midas Realty Corp. of Chicago.

Multifamily Deal II

A 10-unit apartment project in downtown North Little Rock sold for $350,000.

Dakota Development LLC, led by Lawrence Finn and Steve Gardner, bought the property at 523 N. Orange St. The seller is the Dupriest Family Partnership, led by Jeff and Tommy Dupriest.

The deal is backed with a six-year loan of $772,678 from IberiaBank of Lafayette, La.

The Dupriest family acquired the 0.26-acre development for $60,000 in November 1978 from Theresa Korte Barnett.

Church Acquisition

A 1.79-acre property in downtown Little Rock changed hands in a $330,000 sale.

Greater Macedonia Missionary Baptist Church purchased the land between East 24th and East 25th streets on the west side of Interstate 30 from the Institute in Basic Life Principles Inc. of Oak Brook, Ill.

The property is now helping secure a five-year loan of $1 million from Simmons First National Bank of Pine Bluff.

Basic Life, a Christian nonprofit organization led by William Gothard, bought the land in a transaction valued at $200,000 in March 1999. The seller was the Coulson Foundation, led by Michael Coulson.

Retail Buy

A 2,640-SF retail project in Little Rock is under new ownership after a $190,000 deal.

Karan & Jashan LLC, led by Jagroop Singh, acquired the Westwood Liquor-Chicken Wangs Cafe project at 8318-8324 Col. Glenn Road.

The sellers are Jaime and Ruth Vasquez.

The deal is financed with a $140,000 loan from Centennial Bank.

The 0.8-acre development previously was tied to a October 2006 mortgage of $152,000 held by North Little Rock’s National Bank of Arkansas.

The Vasquez family purchased the property for $190,000 more than seven years ago from David and Debra Oltmans.

PV Residence

A 4,552-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $752,000 transaction.

John and Allison Waldo bought the house from Marc and Angela Tankel. The deal is funded with a 30-year loan of $417,000 from One Bank & Trust of Little Rock.

The residence previously was linked with a June 2012 mortgage of $417,000 held by One Bank.

The Tankels acquired the property for $715,000 in October 2009 from David and Amy White.

Arbors Home

A 4,100-SF home in the Arbors neighborhood of west Little Rock’s Chenal Valley development sold for $600,000.

Erb Living Trust, led by David and Louise Erb, purchased the house from Donny and Christi Slayton.

The deal is backed with a 30-year loan of $420,000 from Quicken Loans Inc. of Detroit.

The residence previously was tied to a June 2007 mortgage of $612,000 held by MLD Mortgage Inc. of Florham Park, N.J.

The Slaytons bought the house for $767,000 nearly seven years ago from TLC Builders & Developers Inc., led by Perry Black.