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Forest Place Attracts $29.3M Transaction (Real Deals)Lock Icon

5 min read

A 256-unit apartment project in midtown Little Rock weighed in at $29.35 million.

Forest Place Apartments LLC, an affiliate of the Beitel Group in Brooklyn, New York, acquired its namesake at 1421 N. University Ave.

The sellers are Forest Place TIC I LLC and Forest Place TIC II LLC, investment groups led by Maxis Properties Inc. of North Kansas City, Missouri.

The deal is funded with a three-year loan of $28.2 million from Arbor Real SR Inc. of Uniondale, New York.

The 8.86-acre development previously was tied to a March 2016 mortgage of $3.9 million held by NorthMarq Capital LLC of Bloomington, Minnesota.

The property was purchased for $17.6 million in March 2012 from Forest Place Joint Venture, led by Pete Hornibrook, and Rector Phillips Morse Inc.

Multifamily Flip

Apartment complexes in Jacksonville were flipped in a $7.3 million combo deal.

Milrose Investors LLC of Monsey, New York, bought the 92-unit Park Place project at 621 and 700 Poplar St. for $3.38 million, the 56-unit Windgate Square project at 701 Poplar St. for $2.09 million, and the 46-unit Stone Village project at 300 S. Hospital Drive for $1.82 million.

The seller is Tri Properties Jacksonville LLC of Lakewood, New Jersey. The deals are financed with loans of $2.3 million, $1.5 million and $1.4 million from Gudz Solutions LLC of Lakewood, New Jersey.

Tri Properties acquired the projects for nearly $5 million four months ago from TRI 5 Jacksonville LLC, an affiliate of Fort Smith’s Trinity Multifamily.

Office Acquisition

An 18,821-SF office building in west Little Rock tipped the scales at $1.7 million. EAL Properties LLC, led by Erika and Alan Levar, purchased the Arkansas Realtors Association Building at 204 Executive Court. The seller is Giant Scale Enterprises LLC, led by William Carlton.

The deal is backed with a 20-year loan of $1.3 million from Southern Bancorp Bank of Arkadelphia.

The 1.17-acre development previously was linked with a September 2007 mortgage of $1 million held by Little Rock’s Bank OZK.

Giant Scale bought the project for $1.3 million more than 12 years ago from the Arkansas Realtors Association, led by Debbie Rawls.

Apartment Buy I

Sixteen apartments in west Little Rock rang up an $812,500 sale.

MBM Capital Line LLC of La Habra, California, acquired the 1807, 1813 and 1903-1907 Sanford Drive properties from Betts Real Estate Enterprises Inc., led by Craig Betts.

The combined 1-acre development is now helping secure a $3 million funding agreement with Corevest American Finance Lender LLC of Irvine, California.

The properties previously were tied to an August 2008 mortgage of $420,000 held by Centennial Bank of Conway and a November 2017 mortgage of $285,000 held by First Security Bank of Searcy.

Betts Real Estate assembled the projects in two deals totaling $737,500. The sellers were L.O. Behnke Revocable Trust, $420,000 in August 2008; and Holt Investments LLC, led by Patience Holt, $317,500 in November 2017.

Lube Acquisition

A 1,600-SF auto maintenance facility in midtown Little Rock changed hands in a $375,000 transaction.

State Line Properties LLC, led by James Murphy, bought the Razorback Quik Lube shop at 6011 W. 12th St. The seller is Thomas Roe Properties Inc., led by Donald Roe.

The deal is funded with a five-year loan of $505,000 from Partners Bank of Helena-West Helena.

Thomas Roe Properties acquired the 0.38-acre development for $125,000 in August 2003 from Express Oil Change Inc., led by Robert Russell.

Apartment Buy II

A pair of duplexes in North Little Rock sold for $200,000.

4700 Ridge Rd Duplexes LLC, led by Jared Lillard purchased the 4717 and 4721 Ridge Road properties from Jimmy Charles Alls.

The deal is financed with a 20-year loan of $200,000 from First National Bank of Paragould.

The combined 0.72-acre development previously was linked with a May 2005 mortgage of $100,700 held by JPMorgan Chase Bank of Columbus, Ohio.

Alls bought the properties in two $125,000 deals with Howard and Lynda Hogan in November 2006 and August 2007.

Canal Pointe

A 4,159-SF home in Little Rock’s Canal Pointe neighborhood weighed in at $1.05 million.

The Lincoln Family Revocable Trust, led by Stephen and Blanche Lincoln, acquired the house from the Louis John Schaufele Jr. Family Trust.

Schaufele purchased the location for $140,000 in December 1993 from Evelyn Davis.

Heights Home

A 3,774-SF home in the Heights area of Little Rock is under new ownership after a $785,000 deal.

Zachary and Megan Young bought the house from Jim Pace Homes LLC.

The deal is backed with a one-year loan of $628,000 from Riverside Bank of Sparkman.

The residence previously was tied to a November 1999 mortgage of $699,700 held by BancorpSouth Bank of Tupelo, Mississippi.

Jim Pace Homes acquired the property for $305,000 in October 2018 from Melissa Hoffmans.

Prospect Terrace

A 4,004-SF home in Little Rock’s Prospect Terrace neighborhood drew a $750,000 transaction.

John and Rachel Pitre purchased the house from Pope Moseley. The deal is funded with a 30-year loan of $637,500 from Arvest Bank of Fayetteville.

The residence previously was linked with a June 2015 mortgage of $417,000 held by Simmons Bank of Pine Bluff.

Moseley bought the property nearly five years ago for $790,000 from C&L Edgewood LLC, led by Cindy Feltus.

Falstone Court

A 4,000-SF home in west Little Rock’s Falstone Court neighborhood rang up a $670,000 sale.

Norma and O.T. Gordon Jr. acquired the house from Arbor Construction LLC, led by Michael Moran.

The deal is financed with a 30-year loan of $510,000 from Quicken Loans Inc. of Detroit.

The residence previously was tied to a June 2019 mortgage of $548,000 held by BancorpSouth Bank.

Arbor Construction purchased the site for $105,000 10 months ago from PotlatchDeltic Real Estate LLC, an affiliate of PotlatchDeltic of Spokane, Washington.

Lamarche Place

A 5,022-SF home in west Little Rock’s Lamarche Place neighborhood changed hands in a $575,000 deal.

Phillip and Robin Johnson bought the house from Gary and Karen Mueller.

The residence previously was linked with a September 2016 mortgage of $417,000 held by Gateway Mortgage Group LLC of Jenks, Oklahoma.

The Muellers acquired the property for $605,000 in September 2016 from Thomas and Susan Strickland.

Ensbury Place

A 3,465-SF home in west Little Rock’s Ensbury Place neighborhood sold for $529,900.

The Yasser M. Salem Living Trust purchased the house from E. Ward Construction Inc., led by Eric Ward.

The deal is backed with a 30-year loan of $476,910 from Highlands Residential Mortgage Ltd. of Dallas.

The residence previously was linked with a June 2019 mortgage of $409,600 held by BancorpSouth Bank.

E. Ward Construction bought the site for $83,827 10 months ago from WI Properties LLC, led by Todd Witham.

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