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Apartment Triple Play Adds Up to $70M (Real Deals)Lock Icon

5 min read

A trio of west Little Rock apartments combined for a $70 million transaction.

Affiliates of National Property Management Associates Inc. of Orchard Park, New York, bought the 308-unit Westside Creek project at 4710 Sam Peck Road for $29.8 million; the 260-unit Calais Forest project at 500 Napa Valley Drive, $20.5 million; and the 240-unit Napa Valley project at 501 Napa Valley Drive, $19.7 million.

The seller is MAA Arkansas REIT LLC, the apartment-oriented real estate investment trust in Germantown, Tennessee. The buys are financed with 15-year loans of $24.2 million, $16.6 million and $15.6 million from Orix Real Estate Capital LLC of Columbus, Ohio.

The 20-acre Calais Forest development was purchased for $10.1 million in October 1994 from Rock Creek Ltd. of Dallas.

The 12.02-acre Napa Valley development was acquired for $9.5 million in October 1996 from Napa Valley Partners Ltd. of Skokie, Illinois.

The 26.72-acre Westside Creek development was bought for $6.5 million in September 1997 from West Side Creek Associates Ltd. of Harrison, New York.

More Multifamily

Apartments in midtown Little Rock tipped the scales at $2.03 million.

Alpha Holdings LLC, led by Tyler Turchi and Boyce Holmes, purchased 54 units at 223 N. Taylor St., 5503 B St. and 5510-5518 A St. from the Jett & Georgeanne Ricks Family Corp.

The deal is funded with a five-year loan of $2 million from Encore Bank of Little Rock.

The combined 1.63-acre property was assembled in five transactions with Mark and Sibyll Block, $10,500 in March 1961; Walter Hinton Jr. and his wife, Mildred, $10,000 in January 1962 and $5,000 in August 1962; Russell and Ernestine McLean, $5,000 in January 1962; and Harry Pfeifer Jr. and his wife, Raida, and Gertrude Solmson, $10,000 in February 1963.

Dollar Buy

A Dollar General in Little Rock weighed in at $1.43 million.

J.S.E.E. LLC of Los Angeles acquired the 9100 Col. Glenn Road project from PB General Holdings (LR Colonel Glenn) LLC, led by Leonard Boen.

The deal is backed with a 10-year loan of $903,000 from CapStar Bank of Nashville, Tennessee. The 1.08-acre development previously was tied to a March 2019 mortgage of $1.1 million held by Armor Bank of Forrest City.

The location was purchased from the Dorothy Toll Nonexempt Share No. 1 Qtip Trust for $270,000 10 months ago.

Industrial Transaction

A 7,860-SF industrial building in North Little Rock rang up a $766,350 sale.

Riverview Corporate Drive LLC, led by William Zihala, bought the Wes-Pak project at 10358 Riverview Corporate Drive. The seller is Luckytown LLC, led by Chris Call.

The deal is financed with a 10-year loan of $701,397 from First Service Bank of Greenbrier.

The 1.23-acre site was acquired for $161,000 in June 2007 from Burkhalter Haas Properties LLC, led by John Burkhalter and David Haas.

Commercial Land

A 4.84-acre site zoned for commercial development in west Little Rock changed hands in a $404,000 deal.

The Heights at Shackleford Ltd., led by Amanda Raible, purchased the land at 4124 S. Shackleford Road.

The seller is Landers Land Co. No. 6 LLC, led by Steve Landers.

The Landers family acquired the property in March 2007 as part of a $1.15 million deal with the June Phillis Nalley Revocable Trust.

Parking Property

A half-acre parking lot in Little Rock sold for $300,000.

Arkansas Children’s Hospital acquired the property at the northwest corner of Martin Luther King Jr. Drive and Ninth Street from W.C. McMinn Co., led by Ben McMinn.

The property was purchased as part of a $150,000 deal with C. Finkbeiner Inc., led by Frank Finkbeiner in January 1968.

High-Rise Home I

A 2,607-SF condo in downtown Little Rock drew a $795,000 transaction.

BJR Properties LLC, led by Bill Roehrenbeck, bought the 14th-floor address from Phillip Pulley.

The deal is backed with a $636,000 loan from Centennial Bank of Conway.

Pulley acquired the residence in August 2014 from Robert and Janet Schillinger for $835,000.

PV Residence

A 4,052-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $730,000 sale.

The MAE Revocable Trust, led by Scott McLeod, purchased the house. The seller is the Moore Family Trust, led by Thomas and Scarlett Moore.

The deal is funded with a 30-year loan of $584,000 from Morgan Stanley Private Bank of Purchase, New York.

The Moores bought the residence for $670,000 in July 2005 from Richard and Mary Zemann.

Prospect Terrace

A 2,648-SF home in Little Rock’s Prospect Terrace neighborhood rang up a $640,000 sale.

Curtis Howells acquired the house from the namesake trust of Stephen and Gayelynne Craig. The deal is financed with a 30-year loan of $480,000 from BancorpSouth Bank of Tupelo, Mississippi.

The Craigs purchased the residence for $300,000 in February 2012 from W.T. Head Jr. and his wife, Anne.

Somersett Estates

A 3,300-SF home in the Somersett Estates neighborhood of west Pulaski County changed hands in a $620,694 deal.

Keith and Monique Liesmann bought the house from Schrader Homers LLC, led by Alan Schrader. The deal is backed with a 30-year loan of $527,590 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with an April 2019 mortgage of $510,000 from Malvern National Bank.

The location was acquired nine months ago from David Tegethoff and Barbara Anderson for $130,000.

Woodlands Edge

A 4,075-SF home in west Little Rock’s Woodlands Edge neighborhood sold for $550,000.

Sammie and Bobby Morris purchased the house from Caroline Peacock and the estate of Justin Peacock. The residence previously was tied to an October 2015 mortgage of $417,000 held by Bank of Little Rock Mortgage Corp.

The site was bought for $72,000 in August 2014 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

High-Rise Home II

A 1,441-SF condo in downtown Little Rock drew a $525,000 transaction.

Bryan Watkins and Ami Schenck acquired the 11th-floor residence in the First Security Center at 521 President Clinton Ave. from the Thomas F. Shock Revocable Trust.

The deal is funded with a 25-year loan of $382,043 from IberiaBank. The residence previously was linked with a July 2018 mortgage of $155,000 held by Arkansas Federal Credit Union of Jacksonville.

The property was purchased in June 2018 from the estate of Joseph Peacock for $425,000.

Robinwood Abode

A 3,659-SF home in Little Rock’s Robinwood neighborhood is under new ownership after a $515,000 deal.

David and Melissa Hoffmans bought the house from Matthew Jeter and Susan Jeter. The deal is financed with a 30-year loan of $412,000 from Mortgage Financial Services LLC of Baton Rouge.

The residence previously was tied to an August 2017 mortgage of $371,000 held by Bank of England.

The property was acquired in September 2013 from Arthur and Jo Beth Reed for $400,000.

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