Ridgecrest Apartments Draw $7.2M Transaction (Real Deals)


A 222-unit apartment complex in west Little Rock weighed in at $7.25 million.

Ridgecrest LRAR LLC of Encino, California, sold its namesake project at 1900 and 2000 Reservoir Road to AM Capital Four LLC of Irvine, California.

The deal is backed with a $5.4 million loan from Partners Bank of Helena.

The 9.31-acre development previously was tied to a March 2017 mortgage of $3.3 million held by Bellwether Enterprise Mortgage Investments LLC of Columbia, Maryland.

Ridgecrest LRAR purchased the project for $5.1 million in March 2017 from Tri-5 LLC, an affiliate of Trinity Mul-tifamily in Fort Smith.

Chenal Land Buys

Three land sales in west Little Rock’s Chenal Valley development by PotlatchDeltic Real Estate LLC added up to more than $6.4 million.

► Responsive Education Solutions of Lewisville, Texas, bought 27.35 acres at the northwest corner of Rahling Road and Browne Lane for $2.42 million.

The deal is financed with a one-year loan of $2.4 million from Independent Bank of McKinney, Texas.

► Batesville’s First Community Bank purchased a 0.86-acre site at the southwest corner of Rahling Road and Rahling Circle for $2.34 million.

Read the latest on restauranteur David Alan Bubbus' new real estate initiatives in this week's Restaurants column.

► Anchor Realty Investments LLC, led by David Bubbus, acquired a 1.75-acre site at the southwest corner of Chenal Parkway and St. Vincent Way for $1.68 million.

The deal is funded with a one-year loan of $1.1 million from Relyance Bank of Pine Bluff.

PotlatchDeltic Real Estate, an affiliate of PotlatchDeltic of Spokane, Washington, entered the ownership picture through its $1.2 billion purchase of El Dorado’s Deltic Timber Corp. in 2018.

Pawn Foreclosure

A 5,600-SF pawnshop in Sherwood is under new ownership after a $675,000 foreclosure sale via bankruptcy.

Conway’s Centennial Bank recovered the 7523 Warden Road project from Lucky 8 Properties LLC, led by Michael and Susan Lashbrook.

The 1.06-acre former Sherwood Auto Plaza development was linked previously with a March 2012 mortgage of $628,076 held by the bank. Lucky 8 purchased the property for $675,000 in January 2009 from Philip and Sue Petrus.

Office Transaction

A 2,649-SF office building in west Little Rock rang up a $320,000 sale.

Strong Wolf Ledbetter LLC, led by Glenn Strong Jr., Russell Wolf and Christopher Ledbetter, bought the 10016 W. Markham St. project.

The seller is 10016 West Markham LLC, composed of John Bice and the Jack & Judy Larrison Revocable Trust.

The deal is backed with a four-year loan of $272,000 from First State Bank of Russellville. The 0.31-acre development was tied previously to an April 2014 mortgage of $221,000 held by Little Rock’s One Bank & Trust.

The project was acquired for $280,000 nearly six years ago from Alden Properties LLC, led by William and Tamara Almand.

Valley Falls Estates

A 7,234-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.37 million.

The namesake revocable trust of Robert and Susan Whisnant purchased the house from Todd and Amanda Denton. The residence previously was linked with a January 2012 mortgage of $1.1 million held by Delta Trust Mortgage Inc. of Little Rock.

The Dentons bought the property for $1.3 million in March 2010 from Eugene and Jamie DeJordy.

Chenal Downs

A 7,207-SF home in west Little Rock’s Chenal Downs neighborhood sold for $995,000. The namesake revocable trust of Kristofer and Lisa Freeland purchased the house from the namesake joint revocable trust of Michael Bailey Sr. and his wife, Amy.

The deal is financed with a 30-year loan of $995,000 from Fayetteville’s Arvest Bank. The residence previously was tied to a January 2015 mortgage of $948,000 held by Bank of Little Rock Mortgage Corp.

The Baileys bought the property for $1.3 million in June 2001 from Rick and Deanna Ferguson.

Overlook Park

A 4,063-SF home in Little Rock’s Overlook Park neighborhood drew a $725,000 transaction. The William R. Fletcher Revocable Trust acquired the house from the Joseph H. Bates II Residence Trust.

The residence was purchased for $660,000 in April 2005 from Arthur and Bettye Korenblat.

Cammack Woods

A 3,642-SF home in Cammack Village changed hands in a $613,000 deal.

Blakely and Krista Reeder bought the new house from B. Briggs & Associates LLC, led by Bo Briggs.

The deal is funded with a 30-year loan of $484,000 from IberiaBank of Lafayette, Louisiana.

The residence previously was linked with a March 2019 mortgage of $526,908 held by Southern Bancorp of Arkadelphia.

The original house was acquired for $135,000 in July 2017 from Suzanne Wissel.

Pine Manor

A 3,209-SF home in Little Rock’s Pine Manor neighborhood is under new ownership after a $530,000 sale.

Michael Goswami and Kimberly Pollard purchased the house from the Brent & Heather Schmiegelow Trust. The deal is backed with a 20-year loan of $477,000 from Simmons Bank of Pine Bluff.

The residence previously was tied to a January 2013 mortgage of $415,000 originated by Little Rock’s Metropolitan National Bank.

The Schmiegelows bought the property for $350,000 in October 2010 from Ronald and Carol Logan.

Miramar Place

A 3,527-SF home in the Miramar Place neighborhood of west Little Rock is under new ownership after a $505,000 transaction.

Robert and Karen Jackson acquired the house from Kingsley Glasgow. The deal is financed with a 30-year loan of $404,000 from Bank of Little Rock Mortgage Corp.

The residence was linked previously with a January 2018 mortgage of $433,075 held by Bank of England.

Glasgow bought the property more than two years ago for $510,000 from Brad and Michelle Phillips.