The sale of two west Little Rock apartment projects tipped the scales at a combined $56.5 million.
Stonebridge Apartments OP LLC and Carrington Park-Brookfield LLC, affiliates of B&M Management Co. of Montgomery, Alabama, bought their namesake projects from affiliates of Philadelphia’s Independence Realty Trust.
Stonebridge at the Ranch Apartments Owner LLC sold its 260-unit complex at 1 Stonebridge Circle for $30.25 million. IRT Carrington Apartments Owner LLC sold its 202-unit complex at 1801 Champlin Drive for $26.25 million.
The Stonebridge deal is financed with a 10-year loan of $26.1 million from Greystone Servicing Co. LLC of Warrenton, Virginia.
The 14.83-acre development was acquired for $31.6 million in December 2014 from Stonebridge Little Rock LLC, an affiliate of RAIA Properties of Ramsey, New Jersey.
The Carrington Park deal is funded with a 10-year loan of $19.6 million from Greystone.
The 13.4-acre development was purchased for $21.5 million in May 2014 from a string of sequentially numbered tenants-in-common limited liability companies with a common name: USA Carrington Park of Napa, California.
Storage Sale
A 27,372-SF storage property in downtown Little Rock weighed in at $1.75 million.
Arkansas Storage Centers VI LLC, led by Stuart Finley, acquired the Little Rock Downtown Storage project at 823 Main St. and a parking lot at the southwest corner of Scott and Ninth streets.
The seller is Terraforma LLC, led by David Bruning and Doug Meyer. The deal is backed with a five-year loan of $1.4 million from Little Rock’s Bank OZK.Terraforma purchased the 0.32-acre former Peerless Engraving development for $363,000 in February 2013 from Sam Bracy III and his wife, Luana.
The parking lot was bought for $80,000 in September 2014 from S&E Real Estate Properties LLC, led by Dallan Buchanan.
Blue Roof Transaction
A 3,636-SF office building on the western edge of Little Rock rang up a $539,000 sale.
K.C. Cagle Insurance Agency Inc., led by Karen Cagle, purchased the 21620 Hwy. 10 project.
The seller is Blue Roof LLC, led by Martin Gunaca.
The 1.04-acre development previously was tied to a November 2014 mortgage of $366,800 held by Simmons Bank of Pine Bluff.
Blue Roof acquired the property for $458,500 more than four years ago from Cornerstone Building LLC, led by Fred Wood and Mike Boschetti.
Creative Purchase
A 41,950-SF piece of the former Winburn Tile plant in east Little Rock changed hands in a $395,000 deal.
Creative Engineering Consultants Corp., led by Mike Winn, bought the 1001 Fairpoint Ave. project. The seller is Diversified Management Group LLC, led by Charles Cummings.
The 7.35-acre property was purchased for $145,000 at Winburn Tile’s October 2004 foreclosure sale plus delinquent property taxes and penalties totaling $31,650.
Alpha Acquisition
A five-unit apartment project in North Little Rock sold for $229,000.
Alpha Holdings LLC, led by Tyler Turchi and Boyce Holmes, acquired McCain Manor at 1012 McCain Blvd. The seller is McCain Place LLC, led by Joi Pryor.
The deal is financed with a $206,100 loan from Encore Bank of Little Rock. The 0.39-acre development previously was linked with an August 2014 mortgage of $138,688 held by Bank OZK.
The property was bought for $205,000 in December 2008 from Brice Covington Group LLC, led by Kevin Wilcox and John Thomas.
Forest Heights
A 3,216-SF home in Little Rock’s Forest Heights neighborhood drew an $800,000 transaction.
Christopher and Lucie Minor purchased the house from the namesake living revocable trust of Brian and Shannon Taylor. The deal is backed with a 30-year loan of $640,000 from IberiaBank of Lafayette, Louisiana.
The residence previously was tied to a December 2014 mortgage of $400,000 held by Arvest Bank of Fayetteville.
The property was acquired for $650,000 in August 2009 from Midtowne Builders Inc., led by Trevor Stoelzing.
Deauville Place
A 4,524-SF home in the Deauville Place neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $769,900 deal.
Julianne Purdy and Milton Ruiz bought the house from Rebecca Finney.
The deal is funded with a 30-year loan of $615,920 from Regions Bank of Birmingham, Alabama. The residence previously was linked with a May 2018 mortgage of $500,000 held by Bank of Little Rock Mortgage Corp.
Finney purchased the location for $113,900 15 months ago from PotlatchDeltic Real Estate LLC, an affiliate of PotlatchDeltic of Spokane, Washington.
Arbors Abode
A 4,439-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $690,000 sale.
Richard and Diana Stephens acquired the house from William and Tammy Lee. The deal is financed with a 25-year loan of $690,000 from Regions Bank.
The residence previously was tied to a March 2015 mortgage of $485,000 held by IberiaBank.
The Lees bought the property for $680,000 in February 2008 from Randy James Construction Co.
Hillcrest Home
A 5,011-SF home in Little Rock’s Hillcrest neighborhood changed hands in a $675,200 deal.
SLO Trust, led by Ed Drilling, purchased the house from Conway’s Centennial Bank. The deal is backed with a 10-year loan of $573,920 from Simmons Bank.
Centennial recovered the residence in May 2018 from Daniel and Janet Blair, who forfeited it in lieu of foreclosure.
The property previously was linked with a December 2006 mortgage of $760,800 held by the bank.
Mills Mountain Estates
A 5,151-SF home in the Mills Mountain Estates neighborhood of west Pulaski County sold for $631,500.
Nathan and Melissa Darby bought the house from Mark and Jennifer McHam. The deal is funded with a 30-year loan of $484,350 from Gateway Mortgage Group of Jenks, Oklahoma.
The residence previously was tied to an April 2016 mortgage of $478,400 held by Quicken Loans Inc. of Detroit.
The 5-acre site was purchased for $96,000 in January 2014 from West Highway 10 Suburban Water Improvement District No. 344, led by Paul Elledge.
Cammack Woods
A 3,600-SF home in the Cammack Woods neighborhood of Cammack Village drew a $618,000 transaction.
The Smith Family Trust, led by Adam Smith, acquired the house from CBM Appraisals Inc., led by Chris Maris.
CBM Appraisals bought the location for $159,000 in May 2018 from Drake and LeeAnn Oakley.
Country Club House
A 2,409-SF home near the Country Club of Little Rock drew a $585,000 transaction.
John Goodman purchased the house from the Lynn Baker Trust. The deal is funded with a 30-year loan of $468,000 from Simmons Bank.
The Baker family has owned the residence since August 1939 when J.C. and Margaret Baker acquired the property for $5,500. The seller was New York’s Equitable Life Assurance Society of the United States.
