NLR Apartments Attract $6.4 Million Transaction (Real Deals)

In North Little Rock, Summertree Apartments, bordered in blue, and Valley View Apartments, bordered in yellow, were both sold to a Houston company for a combined $6.4 million.

Neighboring apartment complexes in North Little Rock tipped the scales at $6.4 million in a combo transaction.

GALR LLC, an affiliate of Zieben Group in Houston, Texas, purchased the 120-unit Summertree Apartments at 5100 Summertree Drive and the 112-unit Valley View Apartments at 5125 Velvet Ridge Road.

The deal is funded with an 18-month loan of $8.3 million from Arbor Realty SR Inc. of Uniontown, New York.

The seller is Velvet Ridge Ltd., an affiliate of Alden Torch Financial of Denver.

The combined 16.69-acre development previously was tied to a January 2002 bond issue of $9.5 million through the Pulaski County Public Facilities Board.

Velvet Ridge Ltd. bought the projects for $5.5 million in February 2002 from Summertree Apartments Ltd. and Valley View Ltd., both led by James Kincannon, Reed McConnell, John Kincannon and Joe T. Smith.

Office Acquisition
An 11,948-SF medical office building in midtown Little Rock weighed in at $1.6 million.

Gabe Galster acquired the home of the Little Rock Foot Clinic at 424 N. University Ave. from LSH Land Co. LLC, led by Lynne Hoos.

LSH provided a seven-year mortgage of $1.5 million to finance the deal. The 1.02-acre property was purchased for $90,000 in August 1970 from Thompson Brothers Investment Co., led by Vance Thompson Jr., Ripley Thompson, Ruth T. Trammel, William Thompson, John Thompson and Elizabeth T. Russell.

Church Purchase
An 11,000-SF warehouse on the northern edge of Maumelle changed hands in a $435,000 deal.

Jubilee Church International bought the former home of Northside Plumbing at 24014 Hwy. 365 N. from Michael Matheny.

The deal is financed with a five-year loan of $348,000 from Arvest Bank of Fayetteville.

The 5.04-acre property was acquired for $120,000 in August 1997 from Jimmy and Peggy Toliver.

Heights Manor
A 4,823-SF home in Little Rock’s Country Club Heights neighborhood sold for $2.1 million.

Steve and Marga Ratcliff purchased the residence from the Tranum Qualified Personal Residence Trust, led by Billy Tranum.

The house was bought for $600,000 in December 1996 from Pat Riley Sr. and his wife, Martha.

Riverbend Residence
A 3,006-SF home in Little Rock’s Riverbend neighborhood is under new ownership after an $875,000 deal.

Beadle and Blanche Moore acquired the house from Jane Gillespie.

Gillespie purchased the property for $545,000 in March 2016 from the Jo Claire Adamson Pulliam Revocable Trust.

Sologne Circle
A 5,073-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development rang up a $790,000 sale.

Joshua and Kirsten Sanford bought the house from Tracy and Jane Duke.

The deal is backed with a 30-year loan of $453,000 from Highlands Residential Mortgage Ltd. of Dallas. The property previously was linked with a January 2014 mortgage of $546,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The Dukes acquired the residence for $600,000 in February 2009 from Lauren and Michael Snow.

Bretagne Circle
A 5,162-SF home in the Bretagne Circle neighborhood drew a $715,000 transaction.

Greg and Nancy Racicot purchased the house from Jesse and Jane Griffin. The deal is funded with a 30-year loan of $453,100 from Simmons Bank of Pine Bluff.

The residence previously was tied to an April 2015 mortgage of $400,000 held by Bank of Little Rock Mortgage Corp.

The Griffins bought the property for $500,000 more than three years ago from OWB REO LLC, an affiliate of OneWest Bank of Austin, Texas.

PV House I
A 4,158-SF home in west Little Rock’s Pleasant Valley neighborhood changed hands in a $589,000 deal. Allison and Mark Gann acquired the residence from Bruce and Amandah House.

The deal is financed with a 15-year loan of $189,000 from Regions Bank of Birmingham, Alabama.

The house was purchased for $439,000 in June 2008 from Betty Tucker.

Estates Sale
A 3,528-SF home in the Ridgefield Estates neighborhood of west Pulaski County sold for $565,000.

The Whitlock Family Trust, led by George and Joan Whitlock, bought the house from the Wilson Living Trust, led by Jae Wilson.

The deal is backed with a 30-year loan of $115,000 from Fairway Independent Mortgage Corp. of Carrollton, Texas.

The 5-acre spread previously was linked with a July 2012 mortgage of $407,000 held by Telcoe Federal Credit Union of Little Rock.

The property was acquired for $610,000 in February 2008 from Todd and Hayley Armstrong.

Cammack Home
A 3,554-SF home in the Cammack Woods neighborhood of Cammack Village is under new ownership after a $556,500 deal. Brian and Emily Abrahamson purchased the house from CJS Holdings LLC, led by Joey Stoll.

The residence previously was tied to an April 2017 mortgage of $250,000 and an October 2017 mortgage of $165,000 held by BancorpSouth Bank of Tupelo, Mississippi.

CJS bought the property for $150,000 in April 2017 from Gary Laporte.

PV House II
A 3,089-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $550,000 sale.

Gregory and Danielle Taylor acquired the house from Richard and Leslie Davis.

The deal is funded with a 30-year loan of $440,000 from Highlands Residential Mortgage Ltd. The residence previously was linked with an April 2016 mortgage of $417,000 held by IberiaBank of Lafayette, Louisiana.

The Davises purchased the property for $422,000 in February 2015 from the Charles J. Steed Family Trust.