5 Little Rock Apartments Sell for $18.7 Million (Real Deals)


5 Little Rock Apartments Sell for $18.7 Million (Real Deals)
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Five apartment projects in downtown Little Rock sold in a series of transactions totaling more than $18.7 million.

Colorado-based investor groups teamed up to buy the properties, home to 123 apartments and two restaurants, from five limited liability companies led by Chris Moses.

The deals were financed with five 10-year loans totaling more than $11.8 million from CBRE Capital Markets Inc. of Houston. The new ownership group, which includes affiliates of Equity Partnership Holdings in Denver, purchased:

► The Clayton on Scott, with 48 units at 915 Scott St. for $7.05 million from Scott Street Flats LLC. The 0.97-acre site was acquired for $435,000 in January 2016 from Little Rock Historic Properties LLC, led by Mark Brown and Jill Judy.

► The Row at Legion Village, 36 units at 516 Rock St. for $4.78 million from Legion Village LLC. The 0.56-acre property was bought for $645,000 in June 2015 from the American Legion’s M.M. Eberts Post No. 1, led by Ken Fielder.

► Mann Lofts, 19 units and Bruno’s Little Italy at 310 Main St. for $3.25 million from Mann Development LLC. The 22,232-SF building was part of a $500,000 real estate transfer in June 2012 from Doyle Rogers Sr. and his wife, Josephine.

► Arkansas Democrat Lofts, eight units and Three Fold Noodles and Dumpling Co. at 615 Main St. for $2.05 million from 615 Main LLC. The 13,284-SF building was purchased for $150,000 in May 2007 from Central Properties Inc., led by John Flake. 

► Magnolia Flats, 12 units at 401 E. Capitol Ave. for $1.57 million from Magnolia Flats LLC. The 0.32-acre property was acquired for $690,000 in March 2014 from Tri-B Realty Inc., led by John Billingsley.

Jacksonville Retail

A 125,495-SF retail project in Jacksonville weighed in at $3.75 million.

Pabani Brothers LLC, led by Akbar and Aziz Pabani, purchased the 612 J.P. Wright Loop Road project. The seller is TLBT LLC, led by Tommy Lasiter.

The deal is backed with a three-year loan of $3 million from Malvern National Bank.

TLBT bought the 8.53-acre development for $1.1 million in August 2012 from Germania Property Investors IX Ltd. of Alpharetta, Georgia. 

Port Property

A 40,438-SF office building in the Little Rock Port Industrial Park tipped the scales at $2.2 million.

The city of Little Rock acquired the 7773 Sloane Drive project with the intention of converting the project into a resource center to provide services for industrial park employers.

The seller, Delta Dental Plan Of Arkansas Inc., led by Kristin Merlo, provided a five-year mortgage of $2 million to fund the deal.

Delta Dental purchased the 4.97-acre development for $1.8 million in April 2008 from George Fischer Sloane Inc. led by John Pregenzer.

Fendley Multifamily

Twenty-five apartments in North Little Rock changed hands in a $1.32 million deal. Fendley Street Apartments LLC, an affiliate of Tarek Morshed Realty in Austin, Texas, bought the nine buildings at 2028, 2100, 2101, 2104, 2108, 2110, 2115, 2120 and 2201 Fendley St.

The seller is Glaze Properties LLC, led by Devon Beck.

The deal is financed with a three-year loan of $1.5 million from First Community Bank of Batesville.

The combined 1.13-acre properties were assembled in two January 2004 deals with Jenkins Group Ltd., led by Steven Jenkins, $770,000; and Steven and Peggy Branson, $39,000, along with a December 2004 deal of unrecorded value with the secretary of Veterans Affairs.

Wotco Acquisition

A 19,000-SF service-repair project in North Little Rock rang up an $800,000 sale. Wotco LLC, led by Thomas Blackmon Jr., Ryan Holder and Charles Tankersley, purchased the property at 7303 U.S. Hwy. 70 from Jeff Hooker. 

The deal is backed with a 10-year loan of $2.6 million from First Financial Bank of El Dorado.

Hooker bought the 7.87-acre development for $519,000 in October 2017 from Legal Beagle Properties LLC, led by Steven Moss.

Vault Facility

A 21,332-SF industrial building in far south Little Rock is under new ownership after a $740,000 deal.

Bickes Inc. of Decatur, Illinois, acquired the Wilbert Burial Vault project at 12705 Alexander Road from Pratt Real Estate LLC, led by Linda and Cathy Graves.

The 4.24-acre site was purchased for $7,500 in February 1964 from W.C. and Margareautte Turley.

Office Transaction

A 3,000-SF office building in west Little Rock drew a $500,000 transaction.

West 68th Street LLC, an affiliate of Conway’s Nabholz Construction Corp., bought the 1700 Aldersgate Road project from Rufus Fason.

The 0.56-acre site was acquired for an unrecorded sum in April 2001 from Nabholz Inc. of Conway.

Office Purchase

Office space in the Riverdale area of Little Rock sold for $400,000.

Veeeeht LLC, led by Van Tilbury, purchased 3,532 SF in the Edgewater Building at 2230 Cottondale Lane from the East Family Trust, led by Bob East.

The deal is funded with a five-year loan of $340,000 from Southern Bancorp Bank of Arkadelphia.

East bought an interest in the property for $126,000 in December 1988 from Pleasant Valley Inc., led by Marion Burton.

Convenient Buy

A 714-SF convenience store in south Little Rock changed hands in a $331,500 transaction.

DB Scott Hamilton LLC, led by Stephen Lightle, acquired the Exxon Mini-Mart at 7700 Scott Hamilton Drive and an adjoining 0.43-acre parcel. The seller is Blakely-Brewer Inc., led by Ann Blakely. 

The deal is financed with a three-year loan of $264,000 from First Security Bank of Searcy.

Blakely-Brewer purchased the 0.48-acre convenience store development for $300,000 in November 1990 from Chevron U.S.A. Inc. of San Ramon, California, and the adjoining 0.43-acre parcel for $70,000 in April 2019 from WH Capital LLC, an affiliate of Waffle House Inc. of Norcross, Georgia.

Industrial Land

A 5.21-acre parcel in the Little Rock Industrial District rang up a $300,000 sale.

Techline Inc. of Austin, Texas, bought the land near the southwest corner of Hoerner Road and Scott Hamilton Drive from Printing Papers Inc., led by Bing Priest.

Printing Papers acquired the property in April 2018 as part of a $1.7 million deal with Smurfit-Stone Container Enterprises Inc. of Creve Coeur,
Missouri.

Chenal Purchase

Christ Community Church of Little Rock spent $2 million on a 20.94-acre tract at the northeast corner of Chenal Parkway and Chenal Valley Drive in west Little Rock from PotlatchDeltic Real Estate LLC.

The land was part of the $1.2 billion merger of Potlatch Corp. and Deltic Timber Corp. in December 2018.