Residences at Riverdale Draws $16M Transaction (Real Deals)


Residences at Riverdale Draws $16M Transaction (Real Deals)

A 124-unit apartment project in Little Rock’s Riverdale area tipped the scales at $16.25 million.

Residences at Riverdale Ltd. of Frisco, Texas, sold its namesake complex at 2000 Rebsamen Park Road to VCM Residences at Riverdale Ltd., an affiliate of Vukota Capital Management in Greenwood Village, Colorado.

The deal is financed with a 10-year loan of $10.6 million from CBRE Capital Markets Inc. of Houston, Texas.

The 3.11-acre development previously was tied to a February 2012 mortgage of $12.3 million through Berkadia Commercial Mortgage LLC of Horsham, Pennsylvania.

The former Riverdale Apartments property was purchased for $1.8 million in May 2008 from Highfield Equity Inc. of Dallas.

Wingate Acquisition

A 62-room hotel in North Little Rock weighed in at $3.14 million.

OM Little Rock Inc., led by Parth Patel, bought the Wingate Inn at 4801 W. Commercial Drive.

The seller is McCain Hospitality LLC, led by Yogesh Asudani.

The deal is funded with a five-year loan of $2.5 million from Simmons Bank of Pine Bluff.

The 1.38-acre development previously was linked with December 2014 mortgages of $2.3 million and $550,000 held by First Arkansas Bank & Trust of Jacksonville.

McCain Hospitality acquired the project for $2.9 million more than five years ago from Shri Ram Associates Inc., led by Manoj Patel.

NLR Apartments

Apartments in downtown North Little Rock rang up a $1.48 million sale.

O&L Properties LLC, led by David Glover, purchased 14 units at 523 N. Orange St. and at 306 W. Sixth St.

The seller is Dakota Development LLC, led by Steve Gardner.

The deal is backed with a seven-year loan of $1.1 million from Malvern National Bank.

The 0.42-acre development previously was tied to a January 2014 mortgage of $772,768 and a December 2017 mortgage of $447,000 held by IberiaBank of Lafayette, Louisiana.

The property was assembled in deals with Pamela McQuaid, $80,000 in November 2013; and the Dupriest Family Partnership, led by Jeff and Tommy Dupriest, $350,000 in January 2014.

Office-Warehouse Sale

A 10,300-SF office-warehouse complex in North Little Rock changed hands in a $1.25 million deal.

Phillips Brothers Towing & Recovery LLC, led by Robie Todd Cooper, sold its 3717 Harold St. project to PBT Management Solutions LLC, led by Yancey Price and Christian Niles.

The deal is financed by Avon Phillips Jr. and his wife, Virginia.

The 5.5-acre development was assembled in deals totaling more than $300,000, which included an October 1978 land swap and a $15,000 purchase in May 1982 with M.E. and Ruth Witkowski and a $20,000 buy from Ruth Witkowski in November 1986.

Other sellers were Dewey and Inez Melton, $48,000 in February 1991; Avon Phillips Sr. and his wife, Janice, $20,000 in June 1991; Georgia Fortner, $32,000 in November 1994; Bobby Marks, $89,000 in April 1995; John Kierre Jr. and his wife, Jeannie, and Lee and Martha Kierre, $20,000 in April 2000; and Elizabeth Witkowski Hutson, $55,000 in September 2003.

Hidden Treasures Buy

A 16,220-SF warehouse-showroom in Sherwood sold for $850,000.

Country Club Flea Market LLC, led by Judy Roberts, bought the 9107 Hwy. 107 project.

The seller is Hidden Treasures Antiques & Flea Market LLC, led by Lonnie Karasak.

The deal is funded with a 10-year loan of $429,000 and a one-year loan of $343,000 from Little Rock’s Bank OZK.

The 1.56-acre development previously was linked with a May 2014 mortgage of $266,700 held by One Bank & Trust of Little Rock.

The property was acquired for more than $400,000 in August 2002 from the namesake revocable trusts of Harvey and Donna Watson.

Convenient Purchase

A 2,437-SF convenience store in Jacksonville drew a $350,000 transaction.

Sunstar Enterprises LLC, led by Kamaljit Kaur, purchased the Hess Express Mart at 1530 W. Main St. from Changho Lee, who financed $280,000 of the deal.

Lee bought the 0.27-acre development for $375,000 in December 2013 from the Yelenich Family Revocable Living Trust, led by Roy Yelenich.

Office Transaction

A 2,540-SF office building in west Little Rock is under new ownership after a $300,000 deal.

Building Bridges-Pediatric Therapy Services PLLC, led by Rachel Morse, acquired the 9000 N. Rodney Parham Road project from Clifton and Sharon Kelley.

The deal is backed with a 15-year loan of $200,000 from BancorpSouth Bank of Tupelo, Mississippi.

The 0.61-acre property was purchased for $155,000 in September 1985 from Robert and Katherine Cortinez.

Apartment House

A three-unit apartment house in the Hillcrest area of Little Rock rang up a $295,000 sale.

HS Rocket LLC, led by Scott Allmendinger, bought the 4112 A St. project.

The seller is BTC Rentals One LLC, led by Robert C. Smith.

The 0.25-acre development previously was tied to a December 2017 mortgage of $188,125 held by Stone Bank of Mountain View.

The property was acquired more than two years ago from Fannie Mae for $162,500.

Commercial Land

A 10.87-acre parcel in North Little Rock changed hands in a $269,500 deal.

Richardson Properties LLC, led by Keith Richardson, purchased the land along Sheltie Drive near the northwest corner of Interstate 430 and Maumelle Boulevard.

The seller is James Family Properties LLLP, led by Charles James.

The property was bought in July 1983 as part of a $375,000 deal.

Th sellers were the A.T. Gillespie M.D.P.A. Money Purchase Plan, William and Sarah Humphries, the Catherine Jane Howe Trust, James and Jane Flack and William Daniel Thomas Jr. and his wife, Johnnie Nell.

Heights Manor

A 5,400-SF home in the Heights area of Little Rock tipped the scales at $1.13 million.

Patricia and Patrick Wilson acquired the house from Jeff Fuller Homes LLC. The deal is financed with a 30-year loan of $484,000 from First Arkansas Bank & Trust.

The residence previously was linked with a January 2019 mortgage of $880,000 from Bank OZK.

The teardown-rebuild began a year ago with a $375,000 purchase from ERM Investments LLC, led by Emily McCarty.

Chenal Circle

A 5,296-SF home in the Chenal Circle neighborhood of west Little Rock rang up a $969,500 sale.

35 Chenal Circle Trust, led by Katie Bingham, bought the house from Julie Pruett.

Pruett acquired the residence for $550,000 in July 1998 from the Melissa Yarnell Rentch Trust.

Forest Heights

A 2,675-SF home in Little Rock’s Forest Heights Place neighborhood changed hands in a $644,640 deal.

JMS Hawthorne Property LLC, led by John Stephens, purchased the house from Olivia and Joseph Ramsey.

The residence previously was tied to a February 2015 mortgage of $368,000 held by Simmons Bank.

The Ramseys bought the property for $460,000 nearly five years ago from Michael and Kathryn Sutherland.