Serial Apartment Sales Combine for $94.2M (Real Deals)

Serial Apartment Sales Combine for $94.2M (Real Deals)
The 260-unit Metropolitan at 75 Riverfront Drive in North Little Rock. (Google Maps)

Three apartment projects in Pulaski County sold in a series of transactions totaling $94.2 million.

Affiliates of Hudson Advisors in Dallas purchased the 260-unit Metropolitan at 75 Riverfront Drive in North Little Rock for $44.3 million, the 240-unit Parc at Maumelle at 100 Park Drive in Maumelle, $32.1 million; and the 156-unit Capitol Hill at 15501 Capitol Hill Blvd. in Little Rock, $17.8 million.

The sellers, Little Rock Enclave Apartments Ltd., Parc At Maumelle Ltd. and Capitol Hill Ltd., are affiliates of American Realty Investors in Dallas.

The deals were financed with 10-year loans of $27 million for the Metropolitan, $20.6 million for Parc at Maumelle and $10.5 million for Capitol Hill from Capital One of McLean, Virginia.

The 3.4-acre Metropolitan site was assembled in two transactions totaling $1.7 million. The sellers were Geosor Corp. of New York, $1.6 million for the Jackson Cookie property in July 2005; and the Multi-Purpose Civic Center Facility Board for Pulaski County, $132,000 in June 2005.

The 11.51-acre Parc at Maumelle site was acquired for $1.1 million in January 2003 from West Maumelle Ltd., led by John “Jay” DeHaven.

The 9.78-acre Capitol Hill site was bought in May 2003 as part of a $2 million deal with Capitol Lakes Management LLC, led by DeHaven.

Business Center Buy

A 47,266-SF office and warehouse project in west Little Rock weighed in at $3 million.

SEP 3200 Shackleford LLC, an affiliate of Stoic Equity Partners in Fairhope, Alabama, acquired Shackleford Business Center at 3200 S. Shackleford Road. The seller is Little Rock Investments LLC, led by Anita McKee.

The deal is funded with a five-year loan of $2.5 million from First Commercial Bank of Jackson, Mississippi.

The 3.59-acre development was bought for $2.5 million in July 2002 from Property Partners I Ltd., led by Ralph Bozeman.

Westwood Acreage

A 48-acre tract in west Pulaski County tipped the scales at $2.19 million.

Westwood Real Estate Development Co., led by Steve Wortman, purchased the land on the north side of Highway 10 just west of Ferndale Cutoff Road. The seller is Bella Casa LLC, led by Terry Fleming.

The deal is backed with a two-year loan of $3.2 million from Relyance Bank of White Hall.

Bella Casa acquired the property for $800,000 in March 2012 from National Christian Foundation Real Property Inc. of Alpharetta, Georgia.

Multifamily Purchase

Five fourplexes in west Little Rock changed hands in a $1.47 million deal.

Burnol Mandalor Properties LLC, led by Benjamin Burnsed and Adrian Finol, bought 20 units at 1706, 1720 and 1906 Sandford Drive and 12 and 15 Meredith Court. The seller is WLM Landscape & Sprinkler Service Inc., led by Curtis Walker.

The deal is financed with five five-year loans of $318,750 from Arkansas Federal Credit Union of Little Rock.

The combined 1.3-acre properties were assembled in deals with Jerry and Carolyn Butler, $180,000 in May 2014; and Forward Properties LLC, led by Andrew Adkins, $800,000 in June 2017.

Standard Acquisition

The 13,247-SF Standard Business Systems building in west Little Rock rang up a $1.32 million sale.

Big R Lands LLC, led by Donald Holmes, acquired the 1300 Westpark Drive project from Haybar Properties LLC, led by Bryan Hosto.

The deal is funded with a 25-year loan of $670,000 from Relyance Bank.

Haybar bought the 1.23-acre development in May 2021 from Standard Properties LLC, led by David Gulley.

Office Deal I

A 4,872-SF office building in midtown Little Rock drew a $760,381 transaction.

The Hub Executive Suites LLC, led by Brandon Brown and James Coates IV, purchased the 5312 W. Markham St. project from Stevens-Dell Properties LLC, led by F.R. Steve Stevens and Brad Dell.

The deal is backed with a five-year loan of $646,323 from Simmons Bank of Pine Bluff. The 0.32-acre development was acquired for $258,000 in December 1986 from Scott Farrell & Associates Inc.

Office Deal II

A 4,938-SF office building in downtown Little Rock is under new ownership after a $375,000 deal. Nelson Real Estate Holdings LLC, led by Eric Nelson, bought the 1000 W. Third St. project. 

The seller is TMG Properties LLC, led by Larry Hale and Paul Neaville.

The deal is financed with a $345,000 loan from First Security Bank of Searcy.

TMG Properties purchased the 0.24-acre development for $385,000 in November 2009.

The seller was the William J. Walker & June Walker Revocable Trust.

River Ridge Manor

A 6,280-SF home in Little Rock’s River Ridge Manor neighborhood weighed in at $1.92 million.

60 River Ridge Road Trust, led by Jason Bright and Tiffany Hatchett, acquired the house from the Betty L. Richards Revocable Trust.

The deal is funded with a 30-year loan of $1.6 million from Encore Bank of Little Rock.

Richards bought the residence for $1.6 million in May 2002 from Demp and Paula Dempsey.

The Arbors

The David Michael Mego & Patricia Louis (Pat) Mego Living Revocable Trust purchased a 4,565-SF residence in The Arbors neighborhood of west Little Rock for $1.12 million from 73 Vigne Boulevard LLC, an affiliate of Little Rock’s Whisenhunt Investments.

The limited liability company acquired the residence for $1.1 million eight months ago from the Brenda & Harry Herget Family Living Trust.