Towne Oaks Duo Draws $10 Million Transaction (Real Deals)


Towne Oaks Duo Draws $10 Million Transaction (Real Deals)

The sale of two Little Rock apartment projects weighed in at $10.08 million.

Andmark Towne Oaks Apartments LLC, an affiliate of the AndMark real estate investment firm of Los Angeles, bought the 152-unit Towne Oaks Apartments at 9300 Treasure Hill Road and the 64-unit Towne Oaks Village Apartments at 9600 Southedge Drive.

The seller is CGCMT 2006-C5 Treasure Hill LLC, an affiliate of LNR Partners LLC of Miami Beach, Florida.

The deal is backed with a 10-year loan of $8 million from Berkadia Commercial Mortgage LLC of Ambler, Pennsylvania.

CGCMT recovered the combined 12.45-acre developments from Arkansas Bay Town Oaks LLC of San Francisco in March 2013 at a $5.8 million foreclosure sale.

Access Acquisition

A Little Rock church property tipped the scales at $2.62 million.

Access Group Inc., led by Tammy Simmons, purchased the 10.31-acre complex at 1500 N. Mississippi St. from First Christian Church Inc.

The deal is financed with a 10-year loan of $2.2 million from Little Rock’s Bank of the Ozarks.

The property previously was tied to a June 2000 mortgage of $120,000 held by Citizens Fidelity Insurance Co. of Little Rock.

The location was bought for $60,000 in April 1959 from Rowley United Theaters Inc. of Dallas.

Office Purchase

A 3,224-SF office building in Jacksonville sold for $490,000.

1813 TP White-Jacksonville LLC of Nashville, Tennessee, acquired the 1813 T.P. White Drive project from Marck and Alma Gibson.

The deal is funded with a seven-year loan of $528,000 from InsBank of Nashville.

The 0.37-acre development previously was linked with a November 2012 mortgage of $369,750 held by Summit Bank of Arkadelphia. The Gibsons purchased the property for $400,000 in May 2004 from the Smith Living Trust, led by William and Jo Ann Smith.

Industrial Deal

A 33,620-SF office-warehouse in the Little Rock Port Industrial Park changed hands in a $450,000 deal.

Ben Davis Properties Management LLC, led by Ben and Diane Davis, bought the 6208 Lindsey Road project from Ralph Brockman Jr.

The deal is backed with a five-year loan of $382,500 from Community First Bank of Pea Ridge. The 4-acre site was acquired for $32,000 in August 1972 from the city of Little Rock.

Land Buy I

A 0.97-acre commercial site in North Little Rock rang up a $355,000 sale.

Horton’s Orthotic Lab Inc., led by Gary Horton, purchased the land at 4200 Smokey Lane. The seller is The Woodcrest Co. LLP, led by James P. Matthews.

The deal is financed with a one-year loan of $301,750 from IberiaBank of Lafayette, Louisiana.

The property previously helped secure an August 2007 mortgage of $4.1 million and July 2014 mortgages of $3.2 million and $252,485 held by Centennial Bank of Conway.

The land was part of the 400-acre Springhill Farm the Matthews family acquired in August 1959. John and Martha Matthews bought it from Fred and Katherine Watkins for $250,000.

Land Buy II

A 0.66-acre commercial site in North Little Rock shifted ownership in a deal valued at $315,000.

Arkansas Specialty Partners LLC, led by James Tucker, acquired the land near the southwest corner of Stockton Drive and Smokey Lane. The seller is Freeway Park Properties LLC, led by Dr. Tim Langford.

The deal is funded with a six-month loan of $236,250 from Arvest Bank of Fayetteville.

The property was purchased for $297,000 in May 2010 from The Woodcrest Co. LLP, led by James P. Matthews.

Cliffewood Manor

A 4,608-SF home in Little Rock’s Cliffewood neighborhood drew a $1.1 million transaction.

Herbert Price III and his wife, Cynthia, bought the house from Ned and Laura Rawlings.

The deal is backed with a 30-year loan of $940,865 from Centennial Bank.

The residence previously was tied to a February 2013 mortgage of $380,000 held by IberiaBank Mortgage Co. of Little Rock

The Rawlings family acquired the property for $1.03 million in August 2009 from Michael and Larita Berg.

Deauville House

A 5,267-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development sold for $875,000.

Eric and Mandy Wright purchased the house from Mary Ellen Irons.

The residence previously was linked with May 2013 mortgages of $417,000 held by Bank of the Ozarks and $213,000 held by Malvern National Bank.

The property was bought for $830,000 more than three years ago from Randy James Construction Co.

High-Rise Homes

Condos in downtown Little Rock’s River Market Tower formed a tandem transaction.

The namesake trust of Brad and Katherine Workman acquired a 3,217-SF unit on the 18th floor at 315 Rock St. for $836,000 from RMT II LLC, led by Jimmy Moses and Rett Tucker.

On the flip side, the Workman trust sold a 2,379-SF ninth-floor residence for $742,248 to Bradford Square of Arkansas LLC, led by Mark Dake.

The deal is financed with a seven-year loan of $548,000 from Missouri’s Springfield First Community Bank.

The Workmans purchased the ninth-floor space for $660,000 in September 2014 from RMT II.

The RMT II space on the 18th floor helped secure a June 2015 mortgage of $132,817 held by First Security Bank of Searcy and April 2014 mortgages of $18.6 million held by the bank and $3.3 million held by Citizens Bank of Batesville.

Heights Abode

A 2,807-SF home in the Heights area of Little Rock changed hands in a $709,900 sale.

David Snowden III bought the house from Daniel and Stephanie Brown.

The residence previously was tied to a May 2015 mortgage of $557,480 held by NBKC Bank of Overland Park, Kansas.

The Browns acquired the property for $599,000 in July 2014 from Timothy and Brooke Hicks.

Witry Dwelling

A 4,194-SF home in the Witry Court neighborhood of west Little Rock’s Chenal Valley development rang up a $519,000 transaction.

The namesake trusts of Anthony and Kyla Aycock purchased the house from Walter Mehalko and Rachida Parks.

The residence previously was linked with a January 2013 mortgage of $412,000 from Arvest Mortgage Co. of Lowell.

The Parks family bought the property for $515,000 more than three years ago from Daniel and Ellen Williams.

Estates Residence

A 3,881-SF home in the Ridgefield Estates neighborhood of west Pulaski County is under new ownership after a $510,000 deal.

Merlin and Rita Hagan acquired the house from Robert and Lisa Evans.

The residence previously was tied to a December 2010 mortgage of $390,000 held by U.S. Bank of Cincinnati.

The Evans family purchased the property for $488,000 more than five years ago from Michael and Linnette Pryor.

Seven-Digit Construction

Concourse Renovation    $6,200,157
Clinton National Airport
1 Airport Drive, Little Rock
Flynco Inc., Little Rock

Case Dock Addition    $1,760,000
Hiland Dairy    
6901 Interstate 30 Little Rock
CBM Construction Co., Little Rock