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Multifamily Acreage Sells for $3.3 Million (Real Deals)

5 min read

Property in west Little Rock envisioned for apartments tipped the scales at $3.3 million.

Richardson Properties LLC, led by Keith Richardson, purchased 69 acres from Verona Belle Spatz and her namesake charitable remainder unitrust.

The land is along the south side of Olds Lane between Bowman Road and Brodie Creek.

The Spatz family assembled the acreage in two transactions with E.O. and Emma Sue Bagley, an undisclosed sum for more than 25 acres in February 1943; and Claire Jean Olds, 40 acres for $125,000 in July 1996.

Commercial Parcel

Undeveloped land in southwest Little Rock weighed in at $1.3 million.

Stribling Equipment LLC of Richland, Mississippi, bought 10 acres at the northeast corner of Childers Drive and Interstate 30 Frontage Road from the William L. Huffstutlar Revocable Trust.

The property was purchased for $371,000 in May 1985 from the Raymond C. Cook Real Estate Trust.

Office Transaction

A 6,123-SF office building in west Little Rock changed hands in a $710,000 sale.

Old Blue Properties LLC, led by Kristen Rowlands, acquired Building A at 500 Pleasant Drive from One Bank & Trust of Little Rock.

The deal is financed with a three-year loan of $710,000 from First State Bank of Russellville.

Marabelle Properties LLC, led by John Childers Jr. and his wife, Jill, forfeited the 0.66-acre development in October 2015 to One Bank in lieu of foreclosure.

The property previously secured an August 2007 mortgage of $925,000 held by the bank.

Marabelle bought the project for $925,000 nearly nine years ago from McKay & Co. LLC, led by John McKay Jr.

Redevelopment Buy

A 21,876-SF industrial project in east Little Rock is under new ownership after a $450,000 deal.

1212 East Sixth LLC, led by Dan Fowler, purchased its namesake property, home to Recycle Bikes for Kids. The seller is ROP LLC, led by Ron King.

The deal is funded with a two-year loan of $391,000 from Arvest Bank of Fayetteville.

The 0.8-acre development was acquired for $120,000 in December 1994 from Billy and Dorothy Bailey.

Cliffewood Abode

A 3,600-SF home in Little Rock’s Cliffewood neighborhood rang up an $815,000 sale.

James and Elizabeth Smitherman bought the house from Coleman and Shannon Treece.

The deal is backed with 30-year loans of $652,000 and $81,500 from U.S. Bank of Cincinnati. The residence previously was tied to a November 2012 mortgage of $399,500 held by First Financial Bank of El Dorado.

The Treece family purchased the property for $200,000 in March 2003 from Sammye Johnston.

Rural Residence

A 4,665-SF home in the River Valley View Estates neighborhood of west Pulaski County drew a $759,000 transaction.

Jeffrey and Nancy Taylor acquired the house from WVM Construction LLC, led by William Parkinson III.

The deal is financed with a 30-year loan of $417,000 and a five-year loan of $266,100 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with an April 2014 mortgage of $518,000 and a May 2015 mortgage of $85,500 held by Centennial Bank of Conway.

The land was bought in January 2004 as part of a $2.4 million deal with Soterra LLC of Jackson, Mississippi, an affiliate of Greif Brothers Corp. of Delaware, Ohio.

Hickory Grove Home

A 3,293-SF home in west Little Rock’s Hickory Grove neighborhood sold for $665,000.

Thomas and Michelle Bolin purchased the house from Rush and Linda Harding. The deal is funded with a 30-year loan of $418,000 from Regions Bank of Birmingham, Alabama.

The Hardings acquired the location for $165,000 in April 2009 from EVMark Development LLC, led by James Markus.

Hickory Creek House

A 4,779-SF house in west Little Rock’s Hickory Creek neighborhood changed hands in a $600,000 deal.

CBM Appraisals Inc., led by Chris Maris, bought the house from the Deena L. Burnett Revocable Trust.

The deal is backed with a one-year loan of $603,450 from Southern Bancorp of Arkadelphia.

Burnett purchased the property for $551,000 in March 2002 from William and Cathleen Burgess.

Woodland’s Purchase

A 4,235-SF home in the Woodland’s Edge neighborhood of west Little Rock is under new ownership after a $550,000 transaction.

Mark and Kristen Schneider acquired the house from The Dillon Group Inc., led by Janet Dillon.

The deal is financed with a 30-year loan of $440,000 from Arvest Bank. The residence previously was tied to a May 2015 mortgage of $436,000 held by First Security Bank of Searcy.

The location was bought for $80,000 in April 2015 from Rocket Properties LLC, led by Lisenne Rockefeller and Ron Tyne.

Thomas Park Sale

A 4,279-SF home in west Little Rock’s Thomas Park neighborhood rang up a $510,000 sale.

Patrick and Kasey Andis purchased the house from Michael and Kelley Nichols.

The deal is funded with a seven-year loan of $408,000 from Little Rock’s Bank of the Ozarks.

The residence previously was linked with a February 2016 mortgage of $213,060 held by Wells Fargo Bank of

Sioux Falls, South Dakota, and a September 2010 mortgage of $100,000 held by Bank of America in Charlotte, North Carolina.

The property was acquired for $308,000 in September 2002 from Sidney and Jean Dabbs.

Hotel Funding

Construction of a seven-story Hilton Garden Inn in downtown Little Rock is backed with a $15.48 million financial package.

McCain Lodging Downtown LLC, led by Laxmiben and Hasmukhlal Patel, Ishverbhai Govind and Nayan Nagin, obtained the two-year loan from Arkansas Federal Credit Union of Jacksonville.

The property previously was tied to a December 2013 mortgage of $750,000 held by First Security Bank.

The 1-acre site was assembled in two transactions totaling more than $2 million.

The sellers were Grace Properties, led by Barnett Grace, and Walthour-Flake Co., led by Dickson Flake, $950,000 in December 2013; and River Market South LLC, led by Jimmy Moses and Rett Tucker, $1.1 million in January 2014.

Triple Mortgage

Three commercial projects were used to secure a $3.15 million funding agreement. WM Capital Partners XLII LLC of New York got the loan from Chambers Bank of Danville.

Two of the properties are in Sherwood: the 45,000-SF building at 5410 Landers Road leased to Lisa Academy and the adjoining 0.68-acre Sonic Drive-In development at 5400 Landers Road.

The third is the 0.44-acre Precision Tune development at 4630 JFK Blvd. in North Little Rock.

Until June 2015, the trio was owned in the name of Matthews Management Co. LLC, led by David Matthews.

The 5.34-acre Lisa Academy development and the other two projects also are linked with a March 2016 mortgage of $1.4 million held by Bank of Commerce in McLean, Texas.

The Matthews family’s Metropolitan Trust bought the Landers Road properties as part of a $2.4 million deal with the C.H. Briley Trust in December 1985. Justin Matthews purchased the JFK property as part of a $3,000 deal with C.E. Moore in August 1925.

(See Sherwood Lisa Academy Among Matthews Properties Tangled in Mortgage Shuffle.)

Seven-Digit Construction

Renovation    $1,338,800
Centene Corp.
19 Remington Drive, Little Rock
MAPP Construction LLC, Baton Rouge, Louisiana

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