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Crestwood Manor Draws $11M Acquisition (Real Deals)Lock Icon

4 min read

A 228-unit apartment complex in the Hillcrest area of Little Rock weighed in at $11.25 million.

Nighthawk Crestwood LLC, an affiliate of G10 Capital Partners of Scottsdale, Arizona, and Nighthawk Equity of Allen, Texas, bought Crestwood Manor Apartments at 3802 Kavanaugh Blvd.

The seller is SRC Kavanaugh Investments LLC, an affiliate of StoneRiver Co. of Birmingham, Alabama.

The deal is backed with a $9.4 million loan from Greystone Servicing LLC of Warrenton, Virginia.

The 10-acre development previously was linked with a $5.9 million loan administered by Deutsche Bank Co. Americas, trustee of a mortgage-backed securities portfolio.

The project was purchased for $9 million in November 2015 from Crestwood Manor Property Investors LLC of Santa Cruz, California.

Holcombe Heights

A 125-unit apartment complex in Little Rock’s Riverdale area tipped the scales at $5.1 million.

SRC Holcombe Investments LLC an affiliate of StoneRiver Co., sold Holcombe Heights Apartments at 2100 Rebsamen Park Road.

The buyers are Little Rock Ventures III LLC, an affiliate of DLP Capital Partners of St. Augustine, Florida, along with MF Holcombe LLF and MF Holcombe II LLC, affiliates of Mountain Real Estate Capital of Charlotte, North Carolina.

The 10.02-acre development previously was tied to a September 2015 mortgage of $4.7 million held by Branch Banking & Trust Co. of Winston-Salem, North Carolina.

SRC bought the property for $5.4 million more than four years ago from Holcomb Heights Ltd., an affiliate of Provident Realty Advisors Inc. of Dallas.

Industrial Sale I

A 35,600-SF warehouse in the Little Rock Port Industrial Park sold for $775,000.

Ben Davis Properties Management LLC, led by Ben and Diane Davis, purchased the Little Rock Central Laundry project at 4301 Mauney Road from Little Rock’s Baptist Health.

The deal is funded with a $775,000 loan from Encore Bank of Little Rock.

Baptist acquired the 4.8-acre site for $84,000 in September 1996 from the city of Little Rock.

Promenade Land

The 1.56-acre retail site in west Little Rock’s Promenade at Chenal drew a $679,000 transaction.

HPA Properties LLC, led by Tan Hong, bought the parcel on St. Vincent Way behind HomeGoods.

The seller is Little Rock Development Co. LLC, led by two New York firms: O’Connor Capital Partners and Wafra Investment Advisory Group Inc.

The land is part of 37.8 acres purchased for $10.25 million in September 2006 with Deltic Timber Corp. of El Dorado.

Industrial Sale II

A 16,000-SF industrial building rang up a $450,000 sale.

CM Properties of Arkansas LLC, led by Chance Mitchell, acquired the Bush Wackers project at 7721 Distribution Drive.

The seller is Arkansas Laser Services LLC, led by Jackson T. Stephens III.

The deal is financed with a $382,500 loan from Farmers Bank & Trust of Magnolia.

The 1.07-acre development was bought for $207,000 in July 2016 from Lift Truck Service Center Inc., led by Carl Morehead.

Hillcrest Apartments

A five-unit apartment property in the Hillcrest area of Little Rock changed hands in a $400,000 deal.

Southern Foundation LLC, led by Christopher Dickie and Grant Gordy, purchased the 5600 B St. project.

The seller is Midtowne B Street LLC, led by Jonathan Shively.

The deal is backed with a $340,000 loan from Encore Bank and a $60,000 loan from Midtowne B Street.

The 0.14-acre development previously helped secure an October 2015 mortgage of $1.1 million held by Arvest Bank of Fayetteville.

The property was acquired four years ago as part of a $1.1 million transaction that encompassed other neighobring apartments.

The sellers were the Jett & Georganne Ricks Family Corp. and Ricks Properties LLC.

Church Transaction

A Little Rock church is under new ownership after a $375,000 transaction.

The Body of Christ Worship Center bought the 7000 Hindman Parkway property from Lifespring Church.

The deal is funded with a three-year loan of $375,000 from First Security Bank of Searcy.

The 2.07-acre location was purchased for $18,000 in February 1975 from John and Gladys Best, Howard and Margaret Taylor and Hershel and Wava Volk.

Office Acquisition

A 3,692-SF office building in downtown Little Rock sold for $365,000.

Markham & Chester LLC, led by Ronald Martino, acquired the Standard Business Systems project at 921 W. Markham St. The seller is Mayhem Holdings LLC, led by Roger Thomas and Gino Capito.

The deal is financed with a $360,375 loan from Encore Bank. The 0.21-acre development previously helped secure an April 2018 mortgage of $710,000 held by Signature Bank of Fayetteville.

Mayhem Holdings bought the property for $325,000 in January 2016 from Squires Properties LLC, led by Steve and Jennifer Squires.

Rural Residence

A 5,736-SF home in west Pulaski County drew a $940,000 transaction.

The William Daniel Wright Revocable Trust purchased the 11.4-acre spread from Middleton Bypass Trust, led by Patricia Middleton.

The residence previously was linked with a February 2015 mortgage of $380,000 held by Simmons Bank of Pine Bluff.

The property was acquired for $1 million in June 2006 from Jack and Sara Sanders.

Belle Pointe

A 4,516-SF home in west Little Rock’s Belle Pointe neighborhood rang up a $625,000 sale.

Carri Wallis bought the house from John and Joanne Dunn.

The Dunns purchased the house for $580,000 in March 2002 from George and Christine Mathews.

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