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Chenal Lakes, Brightwaters Combine for $74.7M Sale (Real Deals)Lock Icon

4 min read

Two Little Rock apartment projects weighed in at $74.7 million.

Timbers Holding Co. LLC and Harbor Grand Holding Co. LLC, affiliates of Forge Partners of Rancho Santa Fe, California, bought the 456-unit Chenal Lakes Apartments at 13550 Chenal Parkway in west Little Rock and the 256-unit Brightwaters Apartments at 2420 Riverfront Drive in the Riverdale area of Little Rock.

The sellers are Chenal Lakes Owner LLC and Brightwaters Owner LLC, affiliates of CLK Properties of Woodbury, New York. The deal is backed with a $73 million funding agreement with Voya Investment Management LLC of Atlanta.

The 36.6-acre Chenal Lakes development was purchased for $38.1 million in December 2016, and the 10.6-acre Brightwaters development was acquired for $22.5 million in January 2017.

The seller was RRE Chenal Brightwaters Holdings LLC, an affiliate of Resource Real Estate of Philadelphia, and related investment groups in California, Washington, New Jersey, Hawaii, Ohio, North Carolina and New York.

Spanish Sales

Two apartment projects in southwest Little Rock sold to Brooklyn, New York, groups in tandem deals totaling almost $28 million. Vila De Cancun LLC acquired the 288-unit Spanish Valley Apartments at 5300 Baseline Road and 8501 Dreher Lane for $17 million.

Spanish Willows Realty LLC purchased the 189-unit Spanish Willows Apartments at 7510 and 7515 Geyer Springs Road for $10.86 million. The seller in both deals is BBRO Sale LLC, an affiliate of AMG Realty Group of Skokie, Illinois.

The 12.58-acre Spanish Valley development is financed with a two-year loan of $12.4 million from LendingOne LLC of Boca Raton, Florida.

The 7.78-acre Spanish Willows development is funded with a $7.5 million loan from Corevest American Finance Lender LLC of Irvine, California.

The projects were bought in June 2018 as part of a $20.3 million deal with Quail Redevelopment LLC and Wil-low Redevelopment LLC, affiliates of Cross Equities of Addison, Texas.

Office-Warehouse Buy

A 38,000-SF office-warehouse in southwest Little Rock tipped the scales at $3 million. Mabelvale Investments LLC of Hays, Kansas, purchased the 11600 Otter Creek Road project from Woodmont Mabelvale LLC of New York.

The deal is backed with a 20-year loan of $2.4 million from FirstBank Southwest of Amarillo, Texas.

Woodmont acquired the property for $2.2 million in September 2017 from BNBS Properties LLC, led by Jerry Spears.

Northshore Property

Three undeveloped tracts in North Little Rock changed hands in deals totaling more than $1 million.

The Barnes Family Foundation, led by James and Terry Barnes, bought a 1.82-acre commercial site at the south end of Northshore Cove for $406,632 and 67.45 acres of floodplain adjoining to the southeast for $275,265.

NS Golf Range LLC, led by the Barnes family, acquired the 26.28-acre Northshore Golf Range at 5401 Northshore Cove for $402,800.

The seller in all three deals is Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

The land is part of a 600-acre tract along the Arkansas River near the southeast corner of Interstate 430 and Crystal Hill Road that the limited partnership purchased in May 2000 for $2.1 million.

The sellers were Karen Smith Riecke and North Shore Ltd., led by Harold Tenenbaum.

Church Dirt

A 10.1-acre site in west Little Rock is under new ownership after a $520,513 foreclosure sale.

BancorpSouth Bank of Tupelo, Mississippi, recovered the property at 4124 S. Shackleford Road from Grace Temple Church. The property was tied to a February 2020 mortgage of $518,596 held by the bank.

The church acquired the land for $900,000 in June 2016 from Landers Land Co. No. 6 LLC, led by Steve and Sandra Landers.

East Palisades

A 4,156-SF home in Little Rock’s East Palisades neighborhood weighed in at $1.41 million.

Raymond and Elizabeth Nolan purchased the house from the Mehrabi Joint Revocable Trust, led by Amir and Lisa Mehrabi.

The deal is financed with a 30-year loan of $1 million from PNC Bank of Wilmington, Delaware. The residence was bought for $889,000 in June 2010 from the Carolyn W. Rogers Revocable Trust.

Hallen Court I

A 4,675-SF home in west Little Rock’s Hallen Court neighborhood tipped the scales at $1.03 million.

Nader and Nataleen Alley acquired the house from Home Sweet Home Inc., led by Rebecca Voth.

The deal is funded with a 30-year loan of $779,250 from Regions Bank of Birmingham, Alabama.

The site was purchased for $139,000 in November 2020 from PotlatchDeltic Real Estate LLC.

Hallen Court II

A 4,289-SF home in the Hallen Court neighborhood rang up a $975,000 sale.

Terry Vick II and Nicole Matsoukas bought the house from Graham Smith Construction LLC.

The deal is backed with a 30-year loan of $780,000 from Arkansas Federal Credit Union of Little Rock. The location was acquired for $129,000 in August 2020 from PotlatchDeltic Real Estate.

Heights Home

A 3,428-SF home in the Heights area of Little Rock drew a $769,900 transaction.

Eric Bravo purchased the house from HBH Builders Inc., led by Boyce Holmes.

The deal is financed with a 30-year loan of $548,250 from First Horizon Bank of Memphis.

The land was bought for $170,000 in August 2020 from SRLR LLC, led by Troy Philbrook.

Hickory Creek

A 4,781-SF home in west Little Rock’s Hickory Creek neighborhood sold for $710,000.

Mohammad Lone acquired the house from Town Creek LLC, led by Rick Ferguson.

The deal is funded with a 30-year loan of $568,000 from First Horizon Bank.

Town Creek purchased the residence for $825,000 in June 2020 from CBM Appraisals Inc., led by Chris Maris.

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