Barrington Hills Sale Surpasses $11M (Real Deals)


Barrington Hills Sale Surpasses $11M (Real Deals)
Barrington Hills Apartments sits on about 12 acres of land at 1221 Reservoir Road in Little Rock. (Parcel lines are approximate and shown for illustration purposes only.) (Google Earth)

A 232-unit apartment project in west Little Rock tipped the scales at $11.02 million.

PR Barrington Hills LLC, an affiliate of Property Resource Associates of Wellington, Florida, sold its namesake project at 1221 Reservoir Road.

The buyer is OBH Barrington LLC, an affiliate of Omni + Brooks Holdings of Lakewood, New Jersey. The deal is funded with a 24-year loan of $9.8 million from LMREC IV Holdings I Inc. of Beverly Hills, California.

The 11.71-acre development was bought for $8.3 million in December 2016 from Barrington Hills Acquisition LLC, an affiliate of Maxus Realty Trust Inc. of North Kansas City, Missouri.

Acreage Division

The sell-off of a 1,257-acre spread in north Pulaski County was chopped into 17 deals totaling more than $5.4 million.

The seven biggest sales by Central Arkansas Ranch & Timber Co. LLC, led by James Salmon, were to:

► Willow Lake Farms LLC, led by the Paul & Andrea Wilson Trust No. 1, along with CJRT Revocable Trust, led by Richard Newland Jr., 466 acres at 1228 Maddox Road for $1.25 million. The deal is backed with a five-year loan of $1 million from Arvest Bank of Fayetteville.

► Dashu Properties LLC, led by David and Shuo Rainosek, 95 acres that included a 1,708-SF house at 109 E. Republican Road and two duplexes at 113 W. Republican Road for $753,713. The deal is financed with a five-year loan of $509,830 from Malvern National Bank.

► Billy Morden, 160 acres and a 1,643-SF house at 10101 Peters Road for $704,000.

► Byron McKimmey, nearly 167 acres and a 1,400-SF house at 8715 Peters Road and a nearby 1,695-SF house for $642,291.

► Ronnie Joe Brewer and Samuel Joubert, more than 80 acres and a house at 2415 E. Republican Road for $344,817.

► BSTW Properties LLC, led by Lawrence Wilson, nearly 40.5 acres and a 4,188-SF house at 1009 E. Republican Road for $340,000. The deal is funded with a five-year loan of $270,000 from Citizens Bank of Batesville.

► Ronnie Joe Brewer and Samuel Joubert, 117 acres on the south side of 11024 Peters Road for $339,300.

Triangle Transaction

A 13,160-SF office building in the Riverdale area of Little Rock weighed in at $1 million.

Delta Development Fund LLC, led by Bob East, purchased the 2725 Cantrell Road project from Triangle Insurance Co. of Enid, Oklahoma.

The deal is backed with a five-year loan of $1 million from Peoples Bank of Sheridan. Triangle Insurance acquired the 1.72-acre development for $1 million in June 2013 from Pinnacle Hotel Group Inc., led by Chetan Patel.

Parking Acquisition

A 0.87-acre parking lot in downtown Little Rock sold for $600,000.

The Arkansas Local Police & Fire Retirement System bought the property along West Second Street between Arch and Gaines streets from George Pitts Jr. Family Ltd., led by Brett Pitts.

The property was assembled as part of deals with L&L Investments Ltd., led by H.T. Larzelere Jr., $488,000 in August 1993; and Billie and Carlos Gay, $160,000 in March 1997.

Eatery Purchase

A 4,524-SF restaurant on the western edge of Little Rock changed hands in a $510,000 transaction.

E.H.T. Real Estate LLC, led by Li Zhang, acquired the 8501 Pinnacle Valley Road project from MGK LLC, led by Eric and Gina Fullerton.

The deal is financed with a $408,000 loan from Centennial Bank of Conway.

MGK bought the 1.1-acre development for $500,000 more than six years ago from Hatcher Enterprises Inc., led by Greg Hatcher.

Car Wash Sale

A car wash in southwest Little Rock rang up a $330,000 sale.

M&A Group LLC, led by Jacob and Nicholas Fair, purchased the 13100 Otter Creek Road project from Simmons Bank of Pine Bluff. The deal is funded with a five-year loan of $316,920 from Encore Bank of Little Rock.

Simmons recovered the 1.31-acre development from Cornett Enterprises, led by Roger and Paula Cornett, in October 2016 at a $630,000 foreclosure sale.

Office-Warehouse Buy

A 14,714-SF office-warehouse in south Little Rock drew a $225,000 transaction.

Ben Davis Properties Management LLC bought the Johnston Supply project at 5901 Murray St. The seller is RDG Exchange Holdings LLC, led by Richard Gray.

The deal is backed with a 14-month loan of $191,250 from RDG Exchange.

The 0.69-acre development was purchased for $260,000 in June 1990 from D.A. Sparks Inc., led by David Whitford.

Germay Court I

A 4,901-SF home in west Little Rock’s Germay Court neighborhood tipped the scales at $1.11 million.

Pete and Nancy Price acquired the house from Samuel and Cheryl Freeze.

The Freezes bought the location for $170,000 in June 2003 from Deltic Timber Corp. of El Dorado.

Walton Heights

A 3,890-SF home in Little Rock’s Walton Heights neighborhood is under new ownership after a $725,000 deal.

Chieu and Le Thuy Thi Nguyen purchased the house from Carolina Cruz-Neira and Dirk Reiners. The deal is financed with a five-year loan of $400,000 from First Security Bank of Searcy.

The residence was acquired for $465,000 more than six years ago from Edmond Hurst and Melissa Hurst.

Germay Court II

A 5,177-SF home in west Little Rock’s Germay Court neighborhood sold for $652,500.

Robert and Sarah Beach bought the house from the Lori D. Grim Revocable Trust. The deal is funded with a 30-year loan of $510,400 from Chambers Bank of Danville. The residence was purchased for $720,000 in June 2009 from Waterview Estates LLC, led by Randy Ferguson.

Palisade Estates

A 6,178-SF home in Cammack Village’s Palisade Estates neighborhood changed hands in a $599,000 deal.

Benjamin and Jennifer Bienvenu acquired the house from the Debra K. Brown Revocable Trust.

The deal is backed with a 30-year loan of $1 million from Regions Bank of Birmingham, Alabama.

The property was bought for $162,600 in January 1983 from R.G. Parham Jr. and his wife, Jamie.

Osage Hills

A 4,129-SF home in Maumelle’s Osage Hills neighborhood rang up a $576,750 sale.

Chetan and Shima Patel purchased the house from Hill Development of Arkansas Inc., led by Ronnie Hill. The deal is financed with a 30-year loan of $461,366 from Centennial Bank.

The Patels acquired the location for $63,000 in February 2017 from West Maumelle Ltd. of Dallas.

The Courts

A 3,815-SF home in The Courts neighborhood of west Little Rock drew a $524,000 transaction.

Natasha and Matthew Robinson bought the house from Christian and Lindsay Olsen. The deal is funded with a 30-year loan of $419,200 from U.S. Bank of Cincinnati.

The Olsens purchased the residence for $515,000 in February 2019 from Thomas and Gail Abramo.

Miramar Place

A 3,450-SF home in west Little Rock’s Miramar Place neighborhood is under new ownership after a $512,500 deal.

Joe and Brigette Serfaty acquired the house from Michelle Calhoun. The deal is backed with a 25-year loan of $410,000 from Simmons Bank.

Calhoun bought the residence for $479,500 more than three years ago from H.D. and Ann Weatherford.