Multifamily Duo Adds Up To $67.4 Million Purchase (Real Deals)

An aerial view of phase one of the Esplanade District in North Little Rock.

Tandem apartment transactions combined for a total of $67.4 million.

Mint Equity Fund LLC, an affiliate of Forge Partners in Rancho Santa Fe, California, bought The Villa at River Pointe, a 272-unit complex at 8000 River Pointe Drive in Maumelle, for $46.24 million, and the 92-unit first phase of the Esplanade District in North Little Rock for $21.16 million.

The Villa sellers were The Villa at River Pointe Drive LLC, The Villa at River Pointe Drive Phase III and The Villa Facilities LLC, all led by Edward Jackson; the Edward Jackson Revocable Trust and the Nan Ellen Dickinson East Revocable Trust.

The Esplanade sellers were Arkopolis Properties LLC, led by Edward Jackson; and the two trusts.

The deals are backed with a three-year loan of $49.7 million from Northern Trust Co. of Chicago.

The 12.75-acre Villa at River Pointe site was assembled in deals totaling $695,000. The sellers were William and Janet Watkins, $65,000 in March 1998 and two $127,000 deals in December 2013; John and Mary Trawick, $20,000 in March 1998; Teresa Langrell and Michael Barnett, $78,000 in September 1998; the heirs of Reva Langrell, $15,000 in November 1998; Shelly Bixler, $200,000 in March 2003; and Sandra Ballew, $63,000 in February 2013.

The 6.14-acre site for the first phase of Esplanade was purchased in March 2017 as part of a $1.7 million deal with Pine Bluff Sand & Gravel Co., led by Brian McGeorge.

Bowman Curve

Adjoining retail projects in west Little Rock with a combined 70,891 SF tipped the scales at $10 million.

Bowman Curve Baceline LLC, an affiliate of Baceline Group in Denver, acquired Bowman Curve I and Bowman Curve II at 200-400 N. Bowman Road.

The seller is Ziff Bowman Curve LLC, an affiliate of Ziff Properties in Mount Pleasant, South Carolina. 

Ziff acquired the combined 7.54-acre development for $7.1 million in June 2017 from Bowman Curve I & II LLC, an affiliate of Cooper Realty Investments Inc. of Rogers.

Cubes Land

Development of a 1.2 million-SF warehouse project in North Little Rock is in motion after a $3.45 million deal.

The Cubes at Little Rock LLC, an affiliate of the privately held real estate development firm of CRG in Clayton, Missouri, purchased a 115.19-acre tract at 13001 U.S. 70 on the east side of the Amazon fulfillment center.

The seller is Tulip Farms Inc., led by Jimmy Winemiller.

The corporation acquired the property in December 2011 as part of a $1 million deal with Little Rock’s Bank OZK.

Fast-Food Flip

A 2,580-SF Hardee’s in Jacksonville weighed in at $2.26 million. We’ll Call It 85 LLC of Miami Beach acquired the 1815 N. First St. project from Standard Development Co. LLC, led by Blake Smith.

The deal is helping secure a $6.5 million funding agreement with BCL-CRE 3 LLC of Northbrook, Illinois.

Standard Development bought the 0.74-acre development for $1.2 million in April from S&D Real Estate LLC, led by Liang Lin.

Acreage Acquisition

A 170-acre tract on the southwestern edge of Little Rock sold for $1.11 million.

Crystal Valley LLC, led by Rick Ferguson, purchased the land on the north side of Crystal Valley Road at Col. Miller Road. The seller is Birch-Brook Inc., an affiliate of Little Rock’s RPM Group, led by Kris Upton.

An investment group acquired the property in March 1985 as part of a $490,000 deal with First Service Corp., an affiliate of the now-defunct First Federal Savings of Arkansas in Little Rock.

The original investors included Dr. Raymond Miller, Dr. John McCracken, Dr. W.I. Wade, Winrock Homes Inc., Robert Light, Dr. E. Mage Honeycutt, Sid Dabbs, Bill Dabbs, Dr. Hoyte Pyle, Dr. Sexton Lewis, Dr. James Sloan, Dr. Frazier Kennedy, John Seawright, Claude Brasseale, Vernon Hildabrand, John Cobb and Rector-Phillips-Morse Inc., predecessor of RPM Group.

Apartment Sale

A 16-unit multifamily project in west Little Rock drew a $1 million transaction.

Boynerian LLC of Belmont, Massachusetts, bought the John Lynn Manor Apartments at 11405 Mara Lynn Drive from Davidson Holding Co., led by Skip Davidson.

The deal is financed with a five-year loan of $845,750 from First Community Bank of Batesville. Davidson Holding purchased the 0.68-acre development for $564,000 in January 2015 from Beverly and Robert Thompson Jr.

Office Buy I

A 10,187-SF office building in North Little Rock rang up an $850,000 sale.

4610 NLR Hope LLC, led by Robert Lester, acquired the 4610 W. Commercial Drive project. The seller is Two Cops And A Lot LLC, led by John Hathaway and Wes Martin.

The deal is helping secure a 10-year loan of $1.3 million from First Financial Bank of El Dorado. Two Cops bought the 1.22-acre development in July 2019 as part of a $1.4 million deal with Danco Construction Co., led by Preston Wright. 

Office Buy II

A 5,572-SF office building in North Little Rock changed hands in a $600,000 deal.

JFK By McCain Investment LLC, led by Ankur Patel, purchased the 5000 JFK Blvd. project from Shapoor Karimi.

Karimi acquired the 0.28-acre development for $260,000 in March 2011 from Charles and Patsy Lively.

Telcoe Transaction

A 2.19-acre parcel in west Little Rock is under new ownership after a $375,000 transaction.

Telcoe Federal Credit Union bought the land on the west side of South Bowman Road between Kanis Road and Cherry Laurel Drive from JWL I Ltd., led by William Titus.

The limited partnership purchased the property for $255,000 in May 2001 from Jim and Kaye Wood.

Jacksonville Ministry

A 9,400-SF store in Jacksonville sold for $319,000.

Words Of Knowledge (WOK) Ministries Inc., led by Barbara Ramos, acquired the former Grand Events location at 1920 W. Main St. from Mike Knoedl.

The deal is backed with a $219,000 loan from Centennial Bank of Conway.

Knoedl bought the 0.63-acre development for $175,000 in October 1993 from Fuller & Son Hardware Inc., led by Walter Fuller Jr.

School Property

A 20.77-acre tract in north Pulaski County drew a $311,500 transaction.

The Jacksonville North Pulaski School District purchased the land on the west side of Hwy. 107 south of Bayou Meto Elementary from Wendell Nicholson.

The property was acquired in May 1986 as part of a $66,420 deal with the estate of Myrtle Jolly.

Rural Residence

A 5,613-SF home in west Pulaski County tipped the scales at $3.17 million.

Jonathan and Leigh Henderson bought the 180.35-acre spread about 2.5 miles west of Ferndale from the Byron W. House III & Shae M. House Living Trust.

The House family provided a $2.6 million mortgage to finance the deal.

The Houses purchased the land for $1.2 million in April 2002 from the Robert W. Bass Revocable Trust.

Maumelle Heights

A 5,456-SF home in the Maumelle Heights neighborhood weighed in at $1.1 million.

Andrew and Michelle Brown acquired the house from Marijane and Keith Pfeiffer. The deal is funded with a 10-year loan of $880,000 from Encore Bank of Little Rock.

The 2.1-acre site was bought for $200,000 in March 2004 from James and Kim Hiatt.