New Ownership Moves Into NLR's Thrive Argenta (Real Deals)


New Ownership Moves Into NLR's Thrive Argenta (Real Deals)
A group of out-of-state investors acquired Thrive Argenta, a 164-unit apartment project at 501 Magnolia St. in downtown North Little Rock. (Mark Friedman)

A 164-unit apartment complex in downtown North Little Rock tipped the scales at $19.02 million.

Thrive Argenta LLC, led by Rob Coleman, sold its namesake project at 501 Magnolia St. to an ownership group divided among four entities.

The buyers are 2201 S. Halsted LLC (39.78%), an affiliate of Marc Realty Capital of Chicago; 2059 Partners LLC (36.03%), an affiliate of R2 Companies of Chicago; Argenta’s Best Living Investors LLC (21.45%); and TU Properties LLC, 2.74%.

Argenta’s Best and TU properties are affiliates of Vesta Capital of Leawood, Kansas.

The deal is financed with a five-year loan of $414.8 million from Great Southern Bank of Springfield, Missouri.

The 3.24-acre development previously was tied to a June 2017 mortgage of $13.1 million held by First National Bank of Fort Smith.

The location was acquired for $1.4 million 23 months ago from The Mill LLC, led by Jack Grundfest.

Applebee’s Buy

A 5,104-SF restaurant in west Little Rock weighed in at $2.2 million.

Riverside Properties LLC, led by Lisenne Rockefeller, bought the Applebee’s at 12110 Chenal Parkway. The seller is Best Locations LLC, an affiliate of Apple Gold Group of Raleigh, North Carolina.

Best Locations purchased the 1.38-acre development for $2.7 million in September 2010 from Carlton Properties LLLP, led by William Carlton.

Lucky Purchase

A 6,287-SF office building in west Little Rock rang up a $1.03 million sale.

Lucky Lark Farms LLC, led by Kyle and Robyn Allmendinger and Lance and Amy Burns, acquired the 6323 Ranch Road project from Richard and Centhia Stephens.

The deal is backed with a five-year loan of $524,430 from First Security Bank of Searcy.

The 0.61-acre site was bought for $149,000 in June 2004 from Ranch Properties Inc., led by Ed Willis.

Anchor Acquisition

A 5,842-SF former bank branch in west Little Rock changed hands in a $850,000 deal.

Anchor Realty Investments LLC, led by David and Jessica Bubbus, purchased the 11100 Financial Centre Parkway project from IberiaBank of Lafayette, Louisiana.

The deal is funded with an 18-month loan of $722,500 from Simmons Bank of Pine Bluff.

The 0.97-acre location was acquired for $313,600 July 1995 from Financial Centre Corp., led by Ed Willis.

Hotel Land

An 85-room Fairfield Inn & Suites project in west Little Rock is in motion in the wake of a $700,000 land deal.

Cantrell Hotels LLC, led by Avinash Patel, bought the 4.4-acre site on the south side of Pleasant Ridge Road west of the Arkansas Veterinary Emergency & Specialists animal hospital at 11619 Pleasant Ridge Road.

The seller is Pleasant Ridge LLC, led by Lou Schickel.

The property was purchased in December 1974 as part of a $415,000 deal with Winrock Homes Inc. of Little Rock.

Eatery Land

A new Taziki’s Mediterranean Café format is in the works after a $680,000 land deal in west Little Rock.

JTJ Restaurants LLC, led by Jim, Tommy and Jake Keet, acquired a 1.53-acre site at 15000 Cantrell Road.

The seller is 15000 Cantrell Road LLC, led by Kris Upton. The deal is financed with a one-year loan of $680,000 from First Security Bank.

The land was bought for $225,000 in April 2016 from One Bank & Trust of Little Rock.

Convenient Sale

A 3,200-SF convenience store in Little Rock is under new ownership after a $550,000 transaction.

BNJL Investments LLC, led by Chang-heon Lee, purchased the 4511 W. 12th St. project. The seller is J&H Lee LLC, led by Jung Hee Lee.

The deal is backed with a nine-year loan of $440,000 from Bank OZK of Little Rock. The 0.56-acre development previously was linked with an April 2013 mortgage of $459,108 from IberiaBank.

The property was acquired in February 2005 as part of a $170,000 deal with Jaybird Investments Inc., led by Stuart Yancey.


Seven-Digit Construction

Little Rock Municipal Airport
Pre-Security Lobby Remodel    $5,000,000
One Airport Road, Little Rock
Flynco Inc., Little Rock
 
Arkansas Blue Cross & Blue Shield
Fourth Floor Renovation    $1,916,526
601 Gaines St., Little Rock
Baldwin & Shell Construction Co, Little Rock

Former Helmich Auto Site
Restaurant    $1,000,000
2712 Kavanaugh Blvd., Little Rock
Cline Construction Group, North Little Rock


Country Club House

A 5,124-SF home near the Country Club of Little Rock tipped the scales at $1.3 million.

Edwin Anthony bought the house from Goldtrap Properties LLC, led by Cathy Goldtrap. The deal is funded with a 15-year loan of $800,000 from Bank of Bearden.

The residence previously was tied to an October 2018 mortgage of $925,000 held by Centennial Bank of Conway.

Goldtrap purchased the property for more than $1.1 million in October 2018 from MJH Trust, led by Merritt Dake.

Bretagne Circle

A 5,300-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development drew a $795,000 transaction.

Mark and Tammie Davis acquired the house from Mark and Krista Storey. The deal is financed with a 30-year loan of $636,000 from Cardinal Financial Co. Ltd. of Charlotte, North Carolina.

The residence previously was linked with a December 2012 mortgage of $540,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Storeys bought the property for $675,000 more than six years ago from James and Terry Barnes.

PV Residence

A 3,510-SF home in west Little Rock’s Pleasant Valley neighborhood sold for $650,000.

Robert and Jennifer Forrest pur-chased the house from the namesake trusts of Mark and Stephanie Wright.

The deal is backed with a 30-year loan of $484,350 from Bank of England.

The Wrights acquired the residence for $320,000 in December 1999 from Bernard and Carolyn Whetstone.

Ensbury Place

A 4,197-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley neighborhood changed hands in a $629,000 deal.

Alexander and Hope Hood bought the house from J&T Custom Homes LLC, led by Jimmy Johnson.

The deal is funded with a 30-year loan of $566,100 from Caliber Home Loans Inc. of Coppell, Texas. The residence previously was tied to a July 2017 mortgage of $435,000 held by Centennial Bank.

The location was purchased for $90,000 in December 2016 from Deltic Timber Corp. of El Dorado.

Cammack Woods

A 3,400-SF home in the Cammack Woods neighborhood of Cammack Vil-lage rang up a $606,500 sale.

Mark and Kelley Coca acquired the house from Jim Pace Homes LLC. The deal is financed with a 25-year loan of $485,200 from Regions Bank of Birmingham, Alabama.

The residence previously was linked with an October 2018 mortgage of $611,000 held by First Security Bank.

The property was bought for $205,000 eight months ago from Jerry and Jill Sullivan.

Chenal Circle

A 3,578-SF home in west Little Rock’s Chenal Circle neighborhood is under new ownership after a $550,000 deal.

David and Rachel Rainwater purchased the house from Mark and Tammie Davis. The deal is backed with a 30-year loan of $440,000 from First Security Bank.

The residence previously was tied to a June 2013 mortgage of $390,000 held by Pentagon Federal Credit Union of Alexandria, Virginia.

The Davis family acquired the property for $490,000 nearly six years ago from Randall and Elizabeth Elrod.