515 Little Rock Apartments Sell For Almost $52M (Real Deals)

515 Little Rock Apartments Sell For Almost $52M (Real Deals)

Two west Little Rock apartment projects sold in tandem deals totaling nearly $52 million.

Shadow Lake Property LLC and Turtle Creek Property LLC, affiliates of Besyata Investment Group of Brooklyn, New York, bought their respective namesake projects for $30.75 million and $21 million.

The 296-unit Shadow Lake complex at 13111 W. Markham St. is recast as Muse Apartment Homes, and the 216-unit Turtle Creek complex at 601 Napa Valley was renamed The Lennox.

The sellers are Shadow Lake Little Rock LLC and Turtle Creek Little Rock LLC, affiliates of RREAF Holdings of Dallas.

The deals are backed by three-year loans of $27.9 million and $19.5 million from Arbor Realty SR Inc. of Uniondale, New York.

In December 2018, the 22.66-acre Shadow Lake development was purchased for $17.6 million and the 15.21-acre Turtle Creek development was acquired for $14.6 million from LSREF 3 Bravo (Arkansas) LLC, an affiliate of Lone Star Funds of Dallas.

Apartment Land

An 18.3-acre tract in Maumelle weighed in at $2.75 million.

Pointe Maumelle LLC, led by Keith Richardson, purchased the land at the southeast corner of Club Manor and Audubon drives.

The sellers are R&L Properties LLC, led by Barbara Rogers; BAT REP LLC, led by Bruce Thalheimer; and WMBS LLC, led by Warren Stephenson.

The group bought the land in June 2004 as part of a $3.4 million deal with Capitol Development of Arkansas Inc., led by Michael Todd.

Relyance Location

A 2,943-SF bank branch in west Little Rock tipped the scales at $2.3 million.

Relyance Bank of Pine Bluff acquired the former Simmons Bank location at 16600 Chenal Parkway from G.P. LLC of Andover, Massachusetts.

The 0.69-acre development was purchased for nearly $2 million in August 2018.

The sellers were 16600 CP Properties LLC, led by Walter Ebel, 58.5%; JPL Family LLLP, led by Jason LaFrance, 21.5%; Jayhawk Holdings LLC, led by Joe Cartwright, 15%; and MAB Realty Trust, led by Mark Bentley, 5%.

Shorty Small’s Sale

A 4,894-SF restaurant in west Little Rock rang up a $1.3 million sale.

Rodney Parham Building Co. LLC, led by Cory Davis, bought the Shorty Small’s project at 11100 N. Rodney Parham Road. The sellers are Kreth Investments LLC, led by Paul Kreth, $866,666; and Tammy Anderson Parker, $433,333.

The 0.59-acre site was acquired for $450,000 in July 1985 from Elmer and Carlyn Yancey.

Flooring Facility

A 15,138-SF showroom-warehouse in North Little Rock changed hands in a $1.45 million deal. Dustin Hughes Investment Properties LLC of Texarkana, Texas, purchased the Pro Source Floor Coverings project at 10400 Maumelle Blvd. from Parke Family Investments LLC, led by Frank Parke III, John Parke and Emily Parke Stevens.

The deal is financed with a 15-year loan of $1.4 million from Cadence Bank of Tupelo, Mississippi.

The 1.11-acre development was bought for $1.1 million in April 2001 from Red Hill Partners Ltd., led by Larry Patterson.

Ranch Office

A 6,982-SF office building in west Little Rock drew a $1.1 million transaction.

FCC Tract D Partnership, led by Ed Willis, acquired the 8221 Ranch Drive project from Jason and Sarah Everett.

The deal is funded as part of a five-year loan of $1.9 million from First Security Bank of Searcy.

The Everetts purchased the 1.01-acre development for $940,000 in June 2016 from Saddle Creek Center LLC, led by Willis.

Port Property

A 29.85-acre future industrial site near the Little Rock Port is under new ownership after a $712,861 deal.

The city of Little Rock bought the land on the west side of Frazier Pike at Birdwood Drive from Entergy Arkansas LLC.

The utility’s predecessor, Arkansas Power & Light Co., acquired the property in December 1978 as part of a $183,000 deal with E.E. Raines Jr. and his wife, Esther.

East Argenta Buy

An 11,000-SF warehouse and other property in the east Argenta area of North Little Rock sold for $550,000.

Elisei Cojocaru purchased the 200 Cedar St. project along with the 21,284-SF Fleet Tire Service facility at 2222 E. Broadway and a neighboring 0.77-acre parcel on the south side of Broadway between Linden and Laurel streets.

The seller is the Terry L. Akin & Shelly R. Akin Revocable Trust.

The 0.62-acre development at 200 Cedar St. was bought for $220,000 in September 2003 from Ron and Paula Pack.

The 0.88-acre Fleet Tire development was acquired for $220,000 in January 1986 from Garland and Louise Primm. The neighboring land was purchased for $50,000 in March 2004 from Sandra and Herman Branton.

Sweet Home Purchase

A 4,440-SF convenience store in the Sweet Home community changed hands in a $360,000 deal.

Sultana’s Property LLC, led by Kammar Sultana Pabani, bought the Sweet Home Food Mart at 6808 Hwy. 365 from James Chung Jr. and Areim Kim.

The 1.87-acre development was purchased for $350,000 in November 2007 from Nuage Property Developers LLC, led by Barry Jackson and James McDaniel.

Mobile Acquisition

A 1,188-SF auto care project in southwest Little Rock rang up a $290,000 sale.

Mobile Auto Care & Lube LLC, led by Walter Nixon, acquired the Express Lube at 8020 Baseline Road.

The seller is Clean Tech Ventures Inc., led by Paul Stagg.

Clean Tech provided a $290,000 mortgage to back the deal.

The 0.48-acre property was assembled in two transactions totaling $175,000 in September 1997. The sellers were Perry Butler Sr. and his wife, Rosalind, $90,000; and Stephen Moody, $85,000.

Lounge Transaction

A 1,542-SF bar in North Little Rock drew a $150,000 transaction.

AR Filter Properties LLC, led by William Woolverton, Colby Woolverton and Shane Reed, purchased the Nest Lounge at 3805 MacArthur Drive from Gerardo and Andrea Guzman.

The deal is financed with a five-year loan of $266,600 from Arvest Bank of Fayetteville.

The Guzmans acquired the 0.32-acre development for $45,000 in November 2020 from Whitley Inc., led by Billy Joe Whitley.

Ensbury Place

A 3,750-SF home in west Little Rock’s Ensbury Place neighborhood is under new ownership after a $793,500 sale.

Aaron and Amanda Strobel bought the house from George Morledge IV and his wife, Amy.

The deal is funded with a 30-year loan of $793,500 from First Horizon Bank of Memphis.

The Morledges purchased the residence for $616,000 in July 2018 from Coburn Construction LLC, led by Roger Coburn Jr.

PV Residence

A 5,195-SF home in west Little Rock’s Pleasant Valley neighborhood sold for $700,000.

Christopher Waltz and Sarah Ligon acquired the house from Jonathan and Nicole Hopkins.

The deal is backed with a 30-year loan of $415,000 from FirstTrust Home Loans Inc. of Sheridan.

The Hopkins family bought the residence for $425,000 in April 2017 from the Lloyd E. McKinley & Donna J. McKinley Joint Revocable Trust.