Ridge at Chenal Valley Moves in $69M Sale (Real Deals)

Ridge at Chenal Valley Moves in $69M Sale (Real Deals)
The Ridge at Chenal Valley at 5400 Chenonceau Blvd. in Little Rock (Google Maps)

A 312-unit apartment complex in west Little Rock weighed in at $69 million.

SMEF Holding Co. LLC, an affiliate of Forge Partners in Rancho Santa Fe, California, bought The Ridge at Chenal Valley at 5400 Chenonceau Blvd. The seller is Chenal Valley Partners LLC, an affiliate of Covenant Capital Corp. of Nashville, Tennessee.

The deal is backed with a 10-year loan of $37.9 million from Walker & Dunlop LLC of Bethesda, Maryland.

Chenal Valley Partners purchased the 25.98-acre development for $45.5 million in October 2019 from MAA Arkansas REIT LLC, an affiliate of MAA in Germantown, Tennessee.

Village Transaction

Two pieces of The Village at Rahling Road in west Little Rock tipped the scales at $6.66 million.

T.V.A.R.R. LLC and Village at Rahling LLC, led by Jessica Dearnley, acquired the 27,934-SF building at 27 Rahling Circle and the 12,456-SF building at 25 Rahling Circle.

The seller is Varr West LLC, led by Skip Davidson. The deal is financed with a 25-year loan of $5.2 million from Relyance Bank of White Hall.

Varr West bought the combined 3.08-acre development in October 2017 for $4 million from Deltic Timber Corp. of El Dorado.

Ammunition Land

A 280-acre site in the Little Rock Port Industrial Park sold for $2.6 million.

Fiocchi of America Inc., the U.S. subsidiary of Italy’s Fiocchi Munizioni ammo manufacturer, bought the land from the city of Little Rock.

The property was assembled as part of transactions encompassing 680 acres. The sellers were South Port Properties LLC, led by Charles and Ruth Thomas, $4 million in October 2021 and $4.2 million in November 2022; and the estate of Samuel Raines, $37,500; Twilla Raines Harper, $30,000; and Barbara Raines and the Barbara Lea Wilkinson Duty 2003 Living Trust, $22,500, all in September 2022.

Indian Villa Buy

The 30-unit Indian Villa Apartments project in Little Rock changed hands in a $1.75 million deal. 7700 Indian Trail Management LLC, led by Stuart Berryhill and David Berryhill, acquired its namesake address in Little Rock. The seller is Arban Investment Properties LLC, led by Mohammad Rahman, Nick Chowdhury and Ahsanul Huq.

The deal is funded with a 22-year loan of $1.5 million from Stone Bank of Mountain View. Arban Investment bought the 0.94-acre development for $1.3 million in July 2020 from Indian Villa Apartments Ltd., led by Kent Vestal Jr.

Old World Purchase

Adjoining office buildings in downtown North Little Rock drew a $1.24 million transaction.

Old World Plaza Association Ltd., led by William Daniel Thomas III, sold its namesake project, which encompasses a 7,617-SF building at 420 W. Fourth St. and the 16,914-SF building at 425 W. Broadway.

The buyer is Foul Ball Broadway LLC, led by Wes Martin and John Hathaway. The deal is backed with a five-year loan of $944,000 from Arvest Bank of Fayetteville.

The combined 1.95-acre development was assembled in June 1988 deals with Harrell and Mary Thompson, $1.2 million; and ASP Partnership, led by Jean Arhart, $185,000.

Lakeshore Acquisition

A 25.7-acre commercial property in southwest Little Rock rang up a $900,000 sale. 

LRS South LLC, an affiliate of Lakeshore Recycling Systems in Rosemont, Illinois, bought the former Gattis Excavating project at 10800 Baseline Road.

The seller is Bulldog Dumpsters LLC, led by Joseph Raines.

Bulldog purchased the property for $677,000 in December 2018 from HomeBank of Arkansas in Portland.

Mini Property

A 110-unit mini-storage project in Jacksonville is under new ownership after a $660,000 deal.

Community Storage Arkansas LLC, led by Samuel Barr, acquired the 25501 Hwy. 107 property from Pride Real Estate Services LLC of Urbandale, Iowa. 

The deal is financed with a one-year loan of $520,000 from First Community Bank of Batesville.

Pride Real Estate bought the 1.42-acre development for $485,000 11 months ago from Cory and Miranda Nicholson. 

WLR Parcel

A 1.45-acre commercial parcel in west Little Rock sold for $517,000.

Amit Budhwani purchased the land near the northwest corner of Kanis and Pride Valley roads from Butler Wealth Capital LLC, led by Dr. Michael Butler and his wife, Molly.

Butler Wealth acquired the land for $465,000 in June 2021 from Kanis Pride LLC, led by Graham Smith.

Church Sale

A 7,200-SF church in south Little Rock changed hands in a $425,000 deal.

Church of Jesus Christ El-Shaddai-Little Rock bought the 7115 Hindman Parkway property from Church of Christ (Blount Road) and the Eldership of the 65th Street Church of Christ.

The 2.14-acre church site was acquired for $12,500 in August 1970 from Herman and Frances Thompson, and an adjoining 2.11-acre parcel was purchased for $24,000 in January 2004 from Robert and Hildegard Shelton.

Warehouse Deal

A 15,000-SF warehouse in Little Rock drew a $410,000 transaction.

Caemeron and Leanna Bitzer acquired the New Water Systems project at 10800 Arch St. Pike from Barbara Corbitt.

The deal is funded with a five-year loan of $467,000 from Simmons Bank of Pine Bluff. The 2.05-acre site was bought for $26,000 in June 1997 from Jerry and Sue Ann Victory.

Office Transaction I

A 4,691-SF office building in downtown Little Rock rang up a $350,000 sale.

The Villa at Higdon Ferry LLC, led by Richard McGrew, purchased the 1020 W. Third St. project .

The seller is Noble Lands LLC, led by Benjamin Noble.

The 0.26-acre development was acquired for $300,000 in September 2012 from Darragh Investment Co. LLC, led by Kramer Darragh III.

Office Transaction II

A 2,567-SF office building in west Little Rock is under new ownership after a $220,000 deal.

RCD HQ LLC, led by Wes Martin and Kristen Pittman, bought 5 Innwood Circle from Marche Properties LLC, led by Lila Riggs.

The deal is backed with a five-year loan of $176,000 from Simmons Bank.

Marche Properties purchased the 0.13-acre development in October 2005 from Innwood Partnership, led by Bek Kaiser and Willis Smith.