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Grove at Pleasant Ridge Visited By $19M Sale (Real Deals)Lock Icon

4 min read

A 225-unit apartment complex in west Little Rock tipped the scales at $19 million.

An investment group led by Canyon View Capital of Santa Cruz, California, bought The Grove at Pleasant Ridge at 11901 Pleasant Ridge Road from Vintage Pleasant Valley LLC of Shreveport.

New ownership is divided among OS Grove SPE LLC, led by Gary Rauscher, 31.7 percent; Grove at Pleasant Valley Investors LLC, led by Rauscher, 25 percent; Loren and Amanda Gundersen, 12.5 percent; Karen L. Hovekamp Trust and Lisa H. Jensen Trust, 11.5 percent each; RSJ Cameron LLC, led by Rodney Stew art, 4.5 percent; and the namesake trust of Paul and Susan Germeraad, 3.3 percent.

Gary Rauscher is president of Canyon View Capital.

The deal is financed with a five-year loan of $13 million from Simmons Bank of Pine Bluff.

The 24.1-acre development previously was linked with a January 2014 mortgage of $13.3 million held by Wells Fargo National Bank of Sioux Falls, South Dakota.

The project was acquired for $16.1 million in October 2003 from Schaedle Worthington Hyde Properties Ltd. of Atlanta.

Eastwood Multifamily
A 96-unit apartment complex in Jacksonville weighed in at $2.8 million.

AndMark Eastwood Apartments LLC, an affiliate of the AndMark real estate investment firm of Los Angeles, purchased its namesake project at 1011 S. James St.

The seller is Gray Joint Revocable Trust, led by Bart Gray Jr. and his wife, Carolyn.

The deal is funded with a seven-year loan of $2.3 million from Chambers Bank of Danville.

The trust acquired sole ownership of the 4.69-acre development in December 2012, buying a 42.4 percent stake from Anna Virginia Price for $657,000.

Warehouse Purchase
A 91,000-SF warehouse in southwest Little Rock changed hands in a $1.11 million deal. OB CRE I LLC, led by Rick O’Brien, bought the Triangle Warehouse at 8001 Assembly Court.

The seller is Capital Properties LLC, led by Gus Blass III.

The 4.3-acre development was purchased for $600,000 in January 1977 from RPM Realty Fund, led by Robert Chowning.

Church Acquisition
A 5,518-SF church in Sherwood rang up a $450,000 sale.

Amazing U Inc., led by Barton and Tara Gregory, acquired the 1061 Lantrip Road project from Community Christian Church.

The deal is backed with a $450,000 loan from Central Bank of Little Rock.

The 0.97-acre development previously was tied to a November 2015 mortgage of $132,890 held by Arvest Bank of Fayetteville.

The property was bought for $285,000 in July 2006 from A.T.C. Computer Services Inc., led by Ronnie Tate.

Capital Transaction
A cleaners in Sherwood drew a $440,000 transaction.

ZLH Holdings LLC, led by Zach Hambuchen, purchased the 4,100-SF Capital Cleaners at 3980 E. Kiehl Ave.

The seller is Arkansas Cleaners Inc., led by Carolyn Hambuchen.

The deal is financed with a $520,000 loan from Centennial Bank of Conway.

The 0.52-acre development previously was linked with an October 2014 mortgage of $440,000 held by the bank.

The project was acquired for $325,000 in August 2000 from Capri Cleaners Inc., led by Mark Garner.

Office Sale
An 8,995-SF office building in downtown Little Rock is under new ownership after a $342,500 deal.

Askew Creative LLC, led by Kate and Jess Askew, bought the 917 W. Markham St. project.

The seller is S&M J Investments LLC, led by Steven and Mary Lucchi.

The 0.56-acre development was purchased for $385,000 in November 1986 from Peter Powell and Austin Bell.

Jiffy Buy
A 2,024-SF Jiffy Lube in southwest Little Rock sold for $255,000.

The Vining Family Trust, led by Donald Vining Sr. and his wife, Tammy, acquired the 8705 Geyer Springs Road project.

The seller is Hamra Realty LLC, led by Ryan Hamra.

The 0.54-acre location was bought as part of two deals in November 1978 and March 1984 totaling $1 million.

The sellers were Thom & Barber, led by Bruce Thalheimer.

Maisons Abode
A 5,850-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development changed hands in a $641,121 deal.

Mohamed Abdeldayem and Hoda Hagrass purchased the house from Jennifer Hunt and Peng Chung.

The residence was acquired for $655,000 in August 2011.

The sellers were Ayman and Bana Alshami.

Shadowlawn Residence
A 2,542-SF home in Little Rock’s Shadowlawn neighborhood rang up a $610,000 sale.

Nicholas and Ann Copas bought the house from Dennis and Lizabeth Jacks.

The deal is funded with a 25-year loan of $488,000 from Regions Bank of Birmingham, Alabama.

The residence previously was tied to a February 2006 mortgage of $634,073 held by Little Rock’s Bank of the Ozarks.

The property was purchased for $520,000 in November 2005 from Gary Duke.

Hickory Grove Address
A 3,134-SF home in west Little Rock’s Hickory Grove neighborhood drew a $510,000 transaction.

Madhvi Patel acquired the house from Greg and Karen Faherty.

The deal is backed with a 30-year loan of $510,000 from IberiaBank of Lafay ette, Louisiana.

The residence previously was linked with an August 2012 mortgage of $412,000 held by Bank of the Ozarks.

The Fahertys bought the property for $515,000 more than five years ago from Alpha Burkhalter.

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