Briarwood Apartments Sell for $23.5 Million (Real Deals)

Briarwood Apartments Sell for $23.5 Million (Real Deals)
Affiliates of ST Realty Group of Brooklyn, New York, bought the apartments.
(Google Maps)

A 280-unit apartment complex in Little Rock tipped the scales at $23.5 million.

Briarwood TIC Participant 1 LLC, Briarwood TIC Participant 2 LLC and Briarwood TIC Participant 3 LLC, affiliates of ST Realty Group of Brooklyn, New York, purchased their namesake apartment project at 801 S. Rodney Parham Road.

The sellers are Briarwood’s Best Living LLC, an affiliate of Vesta Capital of Leawood, Kansas; J&R Park Place of Little Rock LLC of St. Louis; and JDGN Investors Little Rock LLC, an affiliate of Cambridge Realty Capital in Chicago.

The deal is backed with an $18.3 million loan from Merchants Bank of Indiana in Carmel.

The 10.9-acre development was acquired for $13.5 million in March 2019 from Briarwood Apartments LLC, an affiliate of Little Rock’s BSR Real Estate Investment Trust.

Clinical Transaction

A 9,969-SF clinic in midtown Little Rock weighed in at $4.02 million.

Ryan Properties Inc. of Memphis bought the Endoscopy Center of Arkansas at 1024 N. University Ave. from SEP Little Rock ASC LLC, an affiliate of Stage Equity Partners of Skokie, Illinois.

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

SEP purchased the 1.42-acre development for $3.2 million in August 2020 from KDMB University Properties LLC, led by Dr. Dean Kumpuris.

Rural Acreage

More than 1,138 acres of agri land in east Pulaski County sold for $2.3 million.

Hum’s Hardware & Furniture Inc., led by Bruce Hum, acquired the land east of Highway 161 about 7 miles south of Scott from the estate of James Robert Alexander.

The deal is financed with a six-year loan of $1 million from First Community Bank of Batesville.

Most of the property was assembled as part of seven deals totaling more than $1.2 million.

The sellers were Betty Hardin, $47,000 in February 2010; Faver Farms Ltd., led by Ed Faver Smith, $779,000 in April 2010; Campbell Tartan LLLP, led by Donald Campbell II, $27,000 in April 2010; Historic Arkansas Museum Foundation, led by Scott Trotter, $20,000 in June 2010; Hays Gin Co. LLLP, led by James Laidlaw, $25,000 in August 2010 and $240,000 in March 2012; and Jo Beth James, $135,000 in August 2013.

The balance of the land was transferred to James Alexander from the estate of Robert H. Alexander in December 1990.

Senior Site

An 8.2-acre parcel in Maumelle rang up a $1.67 million sale.

Maumelle Senior Community LLC, an affiliate of O’Reilly Development Co. of Springfield, Missouri, purchased the  property near the southwest corner of Crystal Hill Road and Maumelle Boulevard.

The seller is Wells Brothers LLC, led by Stephen Wells.

The deal is backed with a $1.6 million loan from Guaranty Bank of Springfield, Missouri.

The land was acquired in February 1946 as part of a $2,700 deal with the U.S. Government.

Office-Warehouse Buy

A 52,298-SF office-warehouse in Little Rock drew a $1.35 million transaction.

Scott Hamilton Industrial Property LLC of Bergenfield, New Jersey, bought the Rich Logistics project at 6011 Scott Hamilton Drive.

The seller is Rich Transport LLC of Cudahy, Wisconsin. The deal is funded with an $890,000 loan from Centennial Bank of Conway.

Rich Transport purchased the 3.92-acre development for $825,000 in February 2014 from Richards Finance Co. LLC, led by Betty Richards.

Supply Acquisition

A 24,499-SF retail-warehouse project in downtown Little Rock is under new ownership after a $1.08 million transaction.

W&W Rental Properties LLC, led by Robert Miller, acquired the Refrigeration & Electrical Supply facility at 1222 Spring St. The sellers are Carl Miller, the Carl H. Miller Jr. Revocable Trust and Robert Thurmond.

The deal is financed with a 10-year loan of $1.9 million from Citizens Bank of Batesville.

The 0.66-acre property was bought for an undisclosed sum in October 1953 from Little Rock’s C.J. Snyder Co.

Warehouse Sale

A 22,754-SF warehouse in Little Rock changed hands in an $800,000 deal.

6203 Patterson Warehouse LLC, led by Mark Bentley, purchased the PF Industrial Supply project at 6203 Patterson Road.

The seller is JCG Investments LLC, led by Todd Curtis.

The deal is backed with a five-year loan of $600,000 from Armor Bank of Forrest City.

JCG acquired the 2.5-acre development for $685,000 in March 2009 from Industrial Properties Ltd., led by Dan Lasater.

Health Care Property

A 6,500-SF medical office building in downtown North Little Rock sold for $700,000.

KRL Properties LLC, led by Mark and Kim Leverett, bought the Care Link project at 706 W. Fourth St.

The seller is Central Arkansas Area Agency on Aging Inc., led by Luke Mattingly.

The deal is funded with a five-year loan of $875,580 from Arvest Bank of Fayetteville.

The 0.57-acre site was purchased for $24,000 in August 1982 from the Community Development Agency of the city of North Little Rock.

Office Purchase

A 6,477-SF office building in Jacksonville drew a $535,000 transaction.

Steel Encounters Inc., led by Tom Jackson, acquired its 619 N. First St. home from James and Nancy Green.

The Greens provided a four-year mortgage of $400,000 to finance the deal.

The 0.31-acre property was bought for $30,000 in February 1985 from Savers Financial Services Inc., the real estate arm of the defunct Savers Federal Savings & Loan in Little Rock.

Flower Project

A 3,906-SF floral project in downtown Little Rock rang up a $520,000 sale.

Karcat I LLC, led by Howard Hurst, purchased Frances Flower Shop at 1222 W. Capitol Ave.

The seller is BS Unlimited LLC, led by Betty Sue Anderson.

The 0.68-acre property was assembled in three transactions totaling $250,000.

The sellers were Ray and Edith Glover, $170,000 in November 1985; the estate of Bess Kahn, $30,000 in September 1990; and the Arkansas Children’s Foundation Inc., $50,000 in December 1995.

Heights Home

A 5,605-SF home near the Country Club of Little Rock tipped the scales at $1.97 million.

Mark and Gabrielle Mangum bought the house from the Trzebiatowski Joint Revocable Trust, led by Timothy and Jennifer Trzebiatowski.

The deal is backed with a five-year loan of $1.5 million from Encore Bank.

The residence was purchased for $670,000 in May 2014 from John and Charlotte Whitt.

Woodlands Edge

A 7,042-SF home in west Little Rock’s Woodlands Edge neighborhood weighed in at $1.48 million.

Abdulkader and Sandra Ezeldin acquired the house from Arbor Construction LLC, led by Michael Moran.

The deal is funded with a 30-year loan of $289,000 from Eagle Bank & Trust of Little Rock.

Arbor Construction bought the site for $160,000 in August 2019 from Matthew and Rani Linberg.