Briarwood, Spring Valley Apartments Draw $21.5M Combo Deal (Real Deals)

Briarwood Apartments at 801 S. Rodney Parham Road (top) and Spring Valley Apartments at 8701 Interstate 30, both in Little Rock.

Tandem deals for two Little Rock apartment projects combined for transactions totaling $21.58 million.

Briarwood’s Best Living LLC and Spring Valley’s Best Living LLC, affiliates of Vesta Capital of Leawood, Kansas, led the purchase of the 280-unit Briarwood Apartments at 801 S. Rodney Parham Road for $13.58 million and the 245-unit Spring Valley Apartments at 8701 Interstate 30 for $8 million.

The sellers, Briarwood Apartments LLC and Bailey’s Spring Valley LLC, are affiliates of Little Rock’s BSR Real Estate Investment Trust. The deals are financed with 12-year loans of $10.7 million and $7.5 million from Jones Lang Lasalle Multifamily LLC of Chicago.

The 10.9-acre Briarwood development and 9.86-acre Spring Valley development previously helped secure a February 2018 funding agreement of $71.5 million with BMO Harris Bank of Chicago.

The two projects were acquired in October 1998 in separate deals with John Hancock Mutual Life Insurance Co. of Boston: $6.99 million for Briarwood and $4.1 million for Spring Valley.

Woodlands Acreage

Two related sales of undeveloped acreage in west Little Rock’s Woodlands Edge development added up to $2 million.

South Woodlands Estates LLC bought 87.3 acres for $1.25 million, and Spring Forest LLC acquired 103 acres for $738,205.

The limited liability companies, both led by James Freeman, bought the land from Rocket Properties LLC, led by Lisenne Rockefeller.

The acreage was purchased in April 2005 as part of a $2.6 million deal with Elgor Inc., led by Robert Wilson Sr.

Bulldog Buy

A 25.7-acre commercial property in southwest Little Rock changed hands in a $677,000 deal. Bulldog Dumpsters LLC, led by Joseph Raines, acquired the former Gattis Excavating project at 10800 Baseline Road from HomeBank of Arkansas in Portland.

The deal is funded with a $676,500 loan from the bank.

HomeBank recovered the property in June 2014 after obtaining judgments totaling more than $914,000 against Gattis Excavating Inc., led by Noel Gattis.

Mew Investments

A commercial project in south Little Rock rang up a $600,000 sale.

Mew Investments LLC, led by Michael Bullerwell, bought the 22,563-SF Little Rock Broom Works project at 7710 Jamison Road from Jane and Sandra Hatcher.

Mew Investments also purchased two adjoining 3.92-acre undeveloped parcels from the University of Arkansas Foundation, $39,000; and Eugene and Cynthia Mason, $36,703.

The deals are backed with a three-year loan of $733,834 from First Security Bank of Searcy.

The Hatcher family acquired the 2.4-acre Jamison Road property for $55,000 in January 1979 from John and Helen Peel.

The foundation received its property in December 1981 as a gift from S.M. and Sara Dixon for the benefit of the University of Arkansas for Medical Sciences Foundation Fund’s Medical Research Endowment Fund.

The Mason family bought their land from Lizzie Gatlin in April 1968 for an unrecorded sum.

Maumelle Land

A 2.3-acre commercial site in Maumelle drew a $540,000 transaction.

The Lot 2 Phase 19 Country Club of Arkansas Trust, led by Lynn Farris, purchased the land on the west side of Country Club Parkway at Diamond Park Lane. The seller is Country Club Development LLC, led by John Wright.

The land was bought in September 2001 as part of a $675,000 deal with the city of Maumelle.

NLR Land

A 3.53-acre commercial parcel in North Little Rock sold for $478,800.

National Retail Properties Ltd. of Orlando, Florida, acquired the land adjoining the west side of its Camping World facility at 9801 Diamond Drive from SBD Investments LLC of Tulsa.

SBD Investments purchased the property in September 2004 as part of a $992,000 deal with Harris Family Co. LLC, led by Max Harris.

PV Residence I

A 5,714-SF home in west Little Rock’s Pleasant Valley neighborhood tipped the scales at $910,000.

Robert and Rebecca Svoboda bought the house from Gary and Marley Jones. The deal is financed with a 25-year loan of $728,000 from Regions Bank of Birmingham, Alabama.

The Joneses acquired the property for $460,000 in July 2001 from Robert and Nancy Casali.

Chenal Circle

A 6,782-SF home in west Little Rock’s Chenal Circle neighborhood is under new ownership after a $790,000 transaction.

Ronald and Mary Cherry purchased the house from William and Mary Morton. The residence previously was linked with a May 2013 mortgage of $396,700 held by Flagstar Bank of Troy, Michigan.

The site was bought for $90,000 in January 1990 from Deltic Farm & Timber Co. of El Dorado.

PV Residence II

A 4,292-SF home in the Pleasant Valley neighborhood changed hands in a $715,000 deal.

Clinton Davis bought the house from Ryan and Sharon Ainsworth. The residence previously was tied to an April 2017 mortgage of $540,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Ainsworths acquired the property for $675,000 13 months ago from Julia Watkins.

Prospect Terrace

A 2,784-SF home in Little Rock’s Prospect Terrace neighborhood rang up a $650,000 sale.

David Mitchell Jr. and his wife, Frances, purchased the house from Nicholas and Mischelle Papan. The deal is funded a 30-year loan of $484,350 from Bank of England.

The residence previously was linked with an August 2015 mortgage of $500,000 held by Regions Bank.

The Papans bought the property for $599,000 in May 2015 from Robert and Anne McCarley.

Ensbury Place

A 4,666-SF home in the Ensbury Place neighborhood of west Little Rock’s Chenal Valley development drew a $629,000 transaction.

Wiggins Family Real Estate Holdings LLC, led by Joey and Leslie Wiggins, acquired the house from Stevens Com-mercial Contractors Inc., led by Jackie Stevens.

The deal is backed with a five-year loan of $503,200 from Armor Bank of Forrest City. The residence previously was tied to a December 2017 mortgage of $596,000 from First Security Bank.

Stevens purchased the location for $91,000 17 months ago from Deltic Timber Corp. of El Dorado.

Iron Horse Estates

A 3,374-SF home in the Iron Horse Estates neighborhood of west Pulaski County sold for $525,000.

The W. Kevin McReynolds Revocable Trust bought the residence from the Lewis Family Revocable Trust, led by Paul Lewis Jr. and Mark Lewis.

The 5-acre property was acquired for $60,000 in April 1988 from Fletcher Clement.

Riverview Manor

A 4,926-SF home in Little Rock’s Riverview Manor neighborhood is under new ownership after a $519,000 transaction.

Sagar Mehta and Erin Bennett purchased the house from Zachary and Michelle Stowe. The deal is financed with a 13-year loan of $519,000 from Regions Bank.

The residence previously was linked with a November 2016 mortgage of $452,000 held by Bank of America in Charlotte, North Carolina.

The Stowes bought the property for $540,000 in September 2011 from Gina Wood.