Cantrell Heights Slice Generates $6.1M Sale (Real Deals)


Cantrell Heights Slice Generates $6.1M Sale (Real Deals)

A 126-unit piece of a Little Rock apartment project tipped the scales at $6.1 million.

Cantrell Heights LLC, led by John Bailey, sold a chunk of its namesake complex at 6900 Cantrell Road to F4 Little Rock 2 LLC of Edmond, Oklahoma.

The deal is backed with a five-year loan of $5.6 million from Latitude Management Real Estate Capital III Inc. of Beverly Hills, California.

The 4.94-acre development previously was tied to an April 2015 mortgage of $5.5 million from Relyance Bank of Pine Bluff.

Cantrell Heights purchased the property for $4.4 million in March 2013 from Centennial Bank of Conway.

Apartment Land
A 21.3-acre site in west Little Rock zoned for apartments weighed in at $1.49 million.

ARD Real Estate LLC, led by Dr. Shabbir Dharmsay, bought the land at the northeast corner of Chenal Valley Drive and Gordon Road from IberiaBank of Lafayette, Louisiana.

The deal is financed with a two-year loan of $1.5 million from Stone Bank of Mountain View.

The bank recovered the property from Alfred Cowley in February 2010 after a $1.8 million foreclosure sale.

Cowley defaulted on a $2.6 million loan originated by Little Rock’s Pulaski Bank & Trust in June 2007. He acquired the land for $3.3 million more than 11 years ago from Deltic Timber Corp. of El Dorado.

Multifamily Sale
A 28-unit apartment project in Sherwood is under new ownership after a $675,000 transaction.

TCB Investments LLC, led by Brian Teeter, Alex Craig and Jamie Hoffman, purchased Powhatan Apartments at 25 Powhatan Drive.

The seller is Harding University Inc. of Searcy.

The deal is funded with a three-year loan of $1 million from Central Bank of Little Rock.

The 1.7-acre development was donated to Harding in October 2017.

The gift giver was the Juanita Nichols Trust.

Maumelle Commercial
A 7,218-SF retail project in Maumelle rang up a $525,000 sale.

Smokey Lane Apostolic Church of Jesus Christ and Northside Academy acquired the 1503 Club Manor Drive property.

The seller is Medsync Properties LLC, led by Drs. Scott Bowen and William Hefley.

Medsync purchased the 0.7-acre development for $550,000 in October 2006 from Maumelle Holdings LLC, led by Gene Cauley.

Industrial Property
A 42,929-SF industrial building and land in Jacksonville drew a $315,000 transaction.

Medlock Management Co. LLC, led by Brad Medlock, bought the building and 13.3 acres at 1030 N. Redmond Road. The seller is Zata Group LLC, led by Richard Adams.

The property previously helped secure a February 2018 mortgage of $360,000 held by U.S. Bank of Cincinnati.

Zata Group acquired the property seven months ago as part of a $450,000 deal with Legacy Associates Inc., led by Thomas Hall.

Elementary Acquisition
A 23,676-SF school building in Little Rock sold for $300,000.

Fairfield Historic Properties Inc. of Miami purchased the Woodruff Elementary School at 3010 W. Seventh St. from the Little Rock School District.

The deal is backed with an 18-month loan of $548,250 from One Bank & Trust of Little Rock.

The new owner’s plans are to transform the building into 17 apartments, offices and a childhood education facility.

The school district bought the 1.9-acre property for $6,500 in April 1911 from William, Earnest and Joseph Feild.

Industrial Land
A 1.21-acre industrial site in North Little Rock changed hands in a $198,500 deal.

WPCD Properties LLC, led by Frank Westerman, acquired the land on the east side of Northshore Lane between Northshore Drive and Northshore Place. The seller was IE Real Estate Holdings LLC, led by Eddie Pitonyac.

The property was purchased in April 2014 as part of a $2 million deal with Treviso LLC of Park City, Utah, an affiliate of Backcountry.com.

Accadia Residence I
A 4,544-SF home in the Accadia Court neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $600,000 deal.

David and Judith Hardy bought the house from MAL Properties II, led by Mark Langston. The location was acquired for $120,000 in 2017 from Jeff and Cindy Moran.

Overbrook House
A 3,700-SF home in North Little Rock’s Overbrook neighborhood rang up a $545,000 sale.

Mildred Cross and Jennifer Jones purchased the house from Dillon Homes & Real Estate Inc., led by Janet Dillon.

The residence previously was linked with a December 2017 mortgage of $436,000 held by Fayetteville’s Arvest Bank.

The lot was bought for $73,150 in May 2016 from Metropolitan Realty & Development LLC, led by Terry Paff.

Ensbury Abode
A 3,350-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley development drew a $515,900 transaction.

The namesake trust of Jerry and Donna Spears acquired the house from James Built Homes Inc., led by Randy James.

The residence previously was tied to a December 2016 mortgage of $368,000 held by Bank OZK. The location was purchased for $87,000 21 months ago from Deltic Timber.

Accadia Residence II
A 3,336-SF home in the Accadia Court neighborhood sold for $502,300.

William and Tamara Eichler bought the house from Charles and Shelly Quick.

The deal is financed with a 30-year loan of $421,840 from One Bank.

The residence previously was linked with a February 2013 mortgage of $320,000 held by IberiaBank. The Quicks acquired the site for $67,000 in May 2012 from Deltic Timber.