Pinnacle Park Moves in $33.5M Acquisition (Real Deals)


Pinnacle Park Moves in $33.5M Acquisition (Real Deals)
Pinnacle Park at Chenal Valley at 16401 Chenal Parkway in west Little Rock. (Google Maps)

A 216-unit apartment complex in west Little Rock tipped the scales at $33.5 million.

King George Apartments LLC of Savannah, Georgia, purchased Pinnacle Park at Chenal Valley at 16401 Chenal Valley Drive. The sellers are Chenal Valley-Foxwood LLC and Chenal Valley-Orchard LLC, affiliates of B&M Management Co. of Montgomery, Alabama.

King George is assuming a 12-year loan of $18.2 million from Greystone Servicing Co. LLC of Warrenton, Virginia, that dates from October 2019.

The 13.08-acre development was acquired for $25.5 million three years ago from WW Olympus Chenal Ltd., an affiliate of Olympus Property in Fort Worth, Texas.

TownePlace Purchase

A 92-room hotel in west Little Rock weighed in at $5.9 million.

Arihantaa REIT LLC, led by Arun Chawla, bought the TownePlace Suites by Marriott at 12 Crossings Court from LVP TPS Little Rock LLC, an affiliate of Lightstone Group of Lakewood, New Jersey.

The deal is backed with a seven-year loan of $4.7 million from Partners Bank of Helena-West Helena. LVP purchased the 2.69-acre development for $5.3 million in June 2013 from TPLR  Partners LLC, led by Chris Whitt.

Office Land

A 2.6-acre site along the Arkansas River in downtown Little Rock rang up a $2.9 million sale.

The Arkansas Department of Parks, Heritage & Tourism, Division of Arkansas Heritage, acquired the land adjoining the east side of its headquarters at 1100 North St. for a future office building.

The property, once considered to become the home of the Stephens Group, was sold by an affiliate: 100 No. Street Q1 LLC. 

The limited liability company bought the former Balch Mazda service center site for $1.46 million in June 2006 from James Balch, Beverly B. Hoffman, Helen B. Moix and Anne B. Ward.

Corporate Hill Buy

A 19,726-SF office building in west Little Rock drew a $2.05 million transaction.

Titan General Contractors LLC, led by Abigail Reaves, purchased 11 Corporate Hill Drive from Irico Realty LLC, led by Becky Irico.

The deal is financed with a 20-year loan of $1.6 million from Stone Bank of Mountain View.

The 2-acre development was acquired for $1.9 million in November 1997 from Finley Family Ltd., led by Joe Finley III and his wife, Caroline.

Spanish Court

A 10-unit apartment project in the Hillcrest area of Little Rock sold for $1.05 million.

Spanish Court LLC, led by John Chandler, sold its namesake project at 808 N. Palm St. to DJH Spanish Court LLC, led by Samuel Carter.

The deal is funded with a 10-year loan of $892,500 from First Financial Bank of El Dorado.

The 0.32-acre development was purchased for $720,000 in April 2016 from CCH Family Ltd. of Beaumont, Texas.

Heights Home

The Tiffany W. Lindsey Revocable Trust purchased a 4,321-SF house in the Heights area of Little Rock for $1.5 million from Jeff Fuller Homes LLC.

David Cowsert bought the location for $275,000 in September 2020.

Neighboring Episcopal

A 6,250-SF garage in Little Rock changed hands in an $800,000 deal.

Irwin Cantrell Properties LLC, led by Warren Stephens, acquired the 1400 North St. project adjoining Episcopal Collegiate property. The seller is North Street Blue LLC, led by John Childs III and Grant Ballard.

The 0.67-acre property was assembled in three buys from H.R. and Nina Barrett, $25,000 in April 1976; The Wilson Co., led by Robert Wilson, $7,000 in August 1984; and the estate of George Dukes, $8,000 in August 1990.

Terriwood Acquisition

A 10-unit apartment project in Jacksonville is under new ownership after a $487,500 transaction.

Byrd Duck Properties LLC, led by Curtis Byrd and Joseph Sanduk, purchased the Terriwood Apartments at 218 JP Wright Loop Road. The seller is BNT Properties Corp., led by Bill Cobb.

The deal is financed with a five-year loan of $414,375 from First Community Bank of Batesville.

BNT acquired the 0.65-acre development for $160,000 in November 2010 from New Zion Christian Church.

Office Sanctuary

A 10,736-SF office building in downtown Little Rock rang up a $380,000 sale.

Hamilton Real Estate LLC, led by Charles Hamilton IV, bought the 322 State St. project from Demp and Paula Dempsey. The deal is funded with a 20-year loan of $323,000 from First National Bank of Paragould.

The 0.52-acre development was purchased for $200,000 in April 1994 from First Church of Christ Scientist of Little Rock, Arkansas Inc. 

Prospect Terrace

A 3,888-SF home in Little Rock’s Prospect Terrace neighborhood tipped the scales at $1.25 million.

The Perin Living Trust, led by Andrew and Rebecca Perin, acquired the house from John and Tiffany Lindsey. The deal is financed with a $1 million loan from Morgan Stanley Private Bank of Purchase, New York.

The Lindseys purchased the residence for $665,000 in April 2005 from Doyle Rogers Jr. and his wife, Carolyn.

PV Residence

A 5,374-SF home in west Little Rock’s Pleasant Valley neighborhood weighed in at $1.15 million.

Jeffrey and Joana Mack bought the house from Brock and Christina Martin. The deal is funded with a 30-year loan of $1.1 million from Arvest Bank of Fayetteville.

The Martins acquired the residence for $575,000 in January 2000 from Linda Thompson.