Crestwood Manor Sale Tops $9 Million (Real Deals)


A 228-unit apartment project in the Hillcrest area of Little Rock tipped the scales at $9.07 million.

SRC Kavanaugh Investments LLC, an affiliate of StoneRiver Co. of Birmingham, Alabama, purchased Crestwood Manor Apartments at 3802 Kavanaugh Blvd.

The seller is Crestwood Manor Property Investors LLC of Santa Cruz, California. SRC Kavanaugh assumed an April 2012 mortgage of $5.95 million held as part of the Banc of America Merrill Lynch Commercial Mortgages Inc. Multifamily Mortgage Pass-Through Certificates.

CMPI acquired the 9.7-acre development for $7.1 million in October 2009 from Crestwood Manor Acquisition LLC, an affiliate of Maxus Properties of North Kansas City, Missouri.

Red Roof Buy

A 49-room motel in southwest Little Rock weighed in at $1.8 million

HSN Hospitality LLC, led by Davish and Nimesh Sitaram, bought the Red Roof Inn at 8115 Frenchmans Lane. The seller is Sai Lodging Inc., led by Ishver Govind.

The deal is financed with three-year loans of $1.5 million and $98,000 from First National Bank of Arcadia, Louisiana.

The 1.26-acre development previously was tied to an October 2007 mortgage of $1.8 million held by Arvest Bank of Fayetteville.

Sai Lodging purchased the project for $1.65 million more than eight years ago from LK Investments of Little Rock LLC, led by Vijay Patel.

Retail Purchase I

A 7,200-SF piece of west Little Rock’s Cantrell Falls Plaza sold for $1.4 million.

Wylie Family Enterprises LLC, led by Phillip and Sara Wylie, acquired the All About Tire & Brake space at 14908 Cantrell Road. The seller is 14910 Cantrell LLC, led by Steve Hockersmith.

The property previously helped secure a June 2014 mortgage of $2.2 million held by Malvern National Bank.

The location was bought for $1.9 million as part of a 4.3-acre deal with PJM Revocable Trust, led by Phyllis McGrew.

Canine Cookie Plant

A 32,770-SF gourmet dog cookie facility in Maumelle changed hands in a $1.37 million deal.

Boudreaux Properties LLC, led by Marvin Itzkowitz, purchased Claudia’s Canine Cuisine at 100 Four Paws Lane. The seller is Going to the Dogs LLC, led by Deborah Kay Bohlken.

The deal is backed with a five-year loan of $2.13 million from First Security Bank of Searcy.

The 2.8-acre development previously was linked with a December 2007 mortgage of $1.6 million and an August 2008 mortgage of $1.5 million held by Eagle Bank & Trust of Little rock.

The location was acquired for $165,000 in April 2006 from E-Z Spuds, led by Kelly and Tani Joiner.

Office Transaction I

A 25 percent piece of a 12,616-SF office project in west Little Rock rang up a $1 million transaction. Synergy Holdings LLC, led by Scott Proctor, sold its stake in the 11700 Cantrell Road building. The buyers are JSJ Properties LLC, led by Joe Courtright, 16 percent; and K&D Huchingson LLLP, led by Kevin Huchingson, 9 percent.

The 7.1-acre development is tied to a February 2007 mortgage of $938,309 held by Delta Trust & Bank of Little Rock.

The site was purchased for $262,000 in December 2000 from Winrock Enterprises Inc., led by Russ McDonough III.

Retail Purchase II

A 51,646-SF former Harvest Foods in southwest Little Rock is under new ownership after a $600,000 sale.

Amerco Real Estate Co. of Phoenix acquired the 8900 Geyer Springs Road property from JV Holding Co., led by John Vice II.

The 4-acre grocery store development previously was linked with a December 2012 mortgage of $809,974 held by Regions Bank of Birmingham, Alabama.

The property was bought for $500,000 in May 2010 from Baseline Partners LLC, led by Robert Friesen.

Office Transaction II

A 4,377-SF piece of the Financial Park Place project in west Little Rock drew a $365,000 transaction.

Acadia Properties LLC, led by Ali Raja, purchased the space at 11219 Financial Centre Parkway. The seller is LW Associates LLC, led by Dr. Robert Lehmberg and Dr. Raymond Wende.

The deal is funded with a five-year loan of $310,250 from Stone Bank of Mountain View.

The space was acquired for $301,000 in March 1983 from Hermitage Development Corp., led by Robert Vogel.

Welding Property

A 7,980-SF industrial facility in Jacksonville sold for $358,000.

Arkansas Welding Academy Inc., led by Alice Obenshain, bought the 1920 N. Redmond Road project. The seller is Pulaski Properties LLC, led by Eddie, Jason and Jacob Springer.

The deal is financed with a three-year loan of $276,000 from Simmons First National Bank of Pine Bluff.

The 5.04-acre development previously was tied to a September 2012 mortgage of $161,600 and an October 2012 mortgage of $35,000 held by Centennial Bank of Conway.

The property was purchased for $202,000 in September 2012 from Centennial Bank.

Office Transaction III

A 1,392-SF office building in midtown Little Rock changed hands in a $265,000 deal.

Dunhelin Properties LLC, led by Kenneth Martin, acquired the 5316 W. Markham St. project. The seller is WJS LLC, led by Jack and Sandra West.

The 0.15-acre development was bought for $150,000 in September 2007 from Serena and Herman Eary.

Multifamily Acquisition

A seven-unit apartment project in midtown Little Rock rang up a $180,932 sale.

Native Rock Apartments LLC, led by Zach and Ethen Schultz, Dakotah Provence and Garrett Edwards, purchased the 5719 B St. project. The seller is Holland Eberle Properties LLC, led by Keith Holland.

The deal is backed with loans of $316,000 and $1.5 million from Centennial Bank.

The 0.2-acre development previously was linked with a November 2012 mortgage of $333,750 held by Little Rock’s Bank of the Ozarks.

HEP acquired the project for $360,000 in May 2008 from Tisdale Properties & Development LLC, led by Tracy Tisdale.

Osage Terrace Abode

A 5,372-SF home in Maumelle’s Osage Terrace neighborhood is under new ownership after a $780,000 deal.

Michael and Pamela Speraw bought the house from Scott and Andrea Tharnish. The deal is funded with a 30-year loan of $330,000 from Eagle Bank & Trust.

The residence previously was tied to a January 2015 mortgage of $571,000 held by Bank of the Ozarks.

The location was purchased for $75,000 in November 2013 from West Maumelle Ltd., led by David Paes.

Country Club House

A 2,745-SF home near the Country Club of Little Rock drew a $585,000 transaction.

Gregg and Paige Day acquired the house from David and Shay Matthews.

The residence previously was linked with a July 2013 mortgage of $375,900 held by Bank of the Ozarks.

The property was bought for $537,000 more than two years ago from Ruth McDonough.

Miramar Residence

A 3,533-SF home in the Miramar Place neighborhood of west Little Rock’s Chenal Valley development sold for $502,514.

Daniel and Paula Deem purchased the house from Billy Hartness Construction Co.

The deal is funded with a 15-year loan of $302,514 from Wells Fargo Bank of Sioux Falls, South Dakota.

The residence previously was tied to a March 2015 mortgage of $390,000 from Centennial Bank.

The site was acquired for $76,000 in December 2014 from Deltic Timber Corp. of El Dorado.