Park Avenue Lofts Hosts $34.2M Transaction (Real Deals)


Park Avenue Lofts Hosts $34.2M Transaction (Real Deals)
Park Avenue Lofts at 320 S. University Ave. (Wil Chandler)

A 258-unit apartment project in midtown Little Rock weighed in at $34.2 million. Park Avenue Lofts Little Rock LLC, an affiliate of RREAF Holdings of Dallas, purchased its namesake project at 320 S. University Ave.

Park Avenue Little Rock Outparcel, a related limited liability company, acquired an undeveloped 0.65-acre site near the southeast corner of West Markham and South McKinley streets for $200,000.

The sellers are ER Park Avenue Apartments SPE LLC and Helco Lofts LLC, affiliates of Equity Resources of Birmingham, Alabama.

The deal is financed with a $24.8 million loan from Prudential Multifamily Mortgage LLC of Arlington, Virginia.

The 4.44-acre apartment development and land were bought in May 2015 as part of a $36 million transaction with Park Avenue Apartments LLC, an affiliate of Lang Partners of Dallas.

Trinity Village Sale

A 156-unit apartment project in west Little Rock tipped the scales at $5.5 million. Primo Apartments at Trinity Village LLC of Southlake, Texas, acquired the Trinity Village complex at 1600 John Barrow Road from Republic Trinity Village Ltd., an affiliate of Toronto’s Republic Funds.

The deal is funded with a three-year loan of $4.4 million from U.S. Bank of Cincinnati. The 9.98-acre development previously was tied to a February 2019 mortgage of $3.2 million held by Martin Ross Group Inc. of Woodbridge, Ontario.

Republic Trinity purchased the project for $3.6 million in November 2017 from N-Vest LLC, led by Carson Harris.

Postal Purchase

An 8,640-SF post office in west Little Rock rang up a $1.5 million sale.

APIF-Arkansas LLC, an affiliate of American Infrastructure Funds in Foster City, California, bought the 815 Technology Drive project.

The seller is FDI Postal Properties II Inc., an affiliate of Frall Developers Inc. in Mount Airy, Maryland. The 1.57-acre development is now helping secure a $425 million funding agreement administered by Citizens Bank of Cleveland.

The location was acquired for $1.35 million in September 1999 from Little Rock’s Terry Moore & Associates Inc.

Flash Transactions

Two Pulaski County convenience stores changed hands in tandem deals.

Flash Market LLC, an affiliate of Echols Oil Co. in Greenville, South Carolina, purchased a 2,752-SF convenience store at 2255 John Harden Drive in Jacksonville for $570,375 and a 2,604-SF convenience store at 8623 Warden Road in Sherwood for $365,625.

The seller is Flash Market Inc., led by Jamie Patterson.

The 0.69-acre Jacksonville development previously was linked with a July 2001 mortgage of $1.2 million held by Ash Flat’s First National Bank of Sharp County.

The location was acquired for $350,000 in December 2000 from Rock City Foods Inc., led by George Kirtley Sr.

The 0.47-acre Sherwood development previously was tied to an August 2014 mortgage of $2.2 million held by First National.

The site was bought for $250,000 in December 1997 from GGF Inc., led by Lloyd Friedman.

Convenient Site

The future home of a Big Red convenience store sold for $380,000.

AF Partners LLC, led by Doug Hendrix, acquired the 1.49-acre site on the west side of Highway 107 and north of Kellogg Creek on the edge of Gravel Ridge for $380,000.

The seller is Hwy 107-10.3 LLC, an investment group that includes Byron McKimmey, Tom and Marina Brooks, the Tom & Nancy Crow Revocable Trust and the Eberle Living Trust, led by Michael and Connie Eberle.

The land was purchased seven months ago as part of a $535,000 deal with Cecil and Patricia Bailey.

Orle Manor

A 5,304-SF home in the Orle neighborhood of west Little Rock’s Chenal Valley development drew a $999,999 transaction.

Elizabeth Windel bought the house from Jeffrey and Stacey Sebree. The deal is backed with a 30-year loan of $599,999 from Arvest Bank of Fayetteville.

The residence previously was linked with an August 2014 mortgage of $744,000 held by Centennial Bank of Conway.

The location was acquired in June 2008 from Deltic Timber Corp. of El Dorado for $162,000.

Pleasant Valley

A 4,014-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $640,000 deal.

Anthony and Sheila Brooks purchased the house from Janet Miron.

The deal is financed with a 15-year loan of $484,350 from Highlands Residential Mortgage Ltd. of Dallas. The residence previously was tied to an August 2012 mortgage of $390,000 held by Little Rock’s Metropolitan National Bank.

The property was bought for $580,000 in August 2010 from Ben and Jo Anne Rush.

Arbors Abode

A 3,783-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $560,000 deal. Benjamin and Melissa Kost acquired the house from John Dickens.

The deal is funded with a 30-year loan of $532,000 from IberiaBank of Lafayette, Louisiana.

Dickens purchased the residence for $585,000 in October 2017 from Carey and Elizabeth Guidry.

Cliffewood House

A 3,723-SF home in Little Rock’s Cliffewood neighborhood changed hands in a $550,000 deal.

Andrew and Suzanne Grobmyer bought the house from the Melsosa Revocable Trust, led by Melissa Baker. The deal is backed with a 30-year loan of $412,500 from Simmons Bank of Pine Bluff.

The trust acquired the residence for $505,000 in January 2009 from Robert and Tamara Perry.

Walton Heights

A 5,224-SF home in west Little Rock’s Walton Heights neighborhood sold for $525,000. Darrell and Natalie Coker purchased the house from the Frances G. Lopata Living Trust.

The deal is financed with a 30-year loan of $472,500 from Simmons Bank.

The residence was bought in June 1991 from Ray Metzger Jr. and his wife, Selma, for $300,000 .