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Pair of Apartments Produce $60.6M Sale (Real Deals)

4 min read

Tandem sales of Little Rock apartments added up to $60.6 million.

Chenal Lakes Owner LLC and Brightwaters Owner LLC, affiliates of CLK Properties of Woodbury, New York, bought the 456-unit Chenal Lakes project for $38.1 million and the 256-unit Brightwaters project for $22.5 million.

The sellers were RRE Chenal Brightwaters Holdings LLC, an affiliate of Resource Real Estate of Philadelphia, and related investment groups in California, Washington, New Jersey, Hawaii, Ohio, North Carolina and New York.

The deals are funded with 10-year loans of $30.4 million and $17.3 million from Keybank of Cleveland.

The 36.6-acre Chenal Lakes development at 13500 Chenal Parkway and the 10.6-acre Brightwaters development at 2420 Riverfront Drive previously were tied to a May 2007 mortgage of $40 million held by Wachovia Bank of Charlotte, North Carolina.

The properties were acquired for $50 million nearly 10 years ago from Bailey’s Chenal Lakes LLC ($34 million) and Bailey’s Brightwaters LLC ($16 million), both led by John Bailey.

Specialty Site
The site for a future medical office project in midtown Little Rock weighed in at $2.5 million.

Arkansas Specialty Partners LLC, led by Dr. James Tucker and Dr. Gordon Newbern, purchased the 4.06-acre location at the southwest corner of Interstate 630 and Fair Park Boulevard.

The seller is AA Development At Midtown Inc., led by Scott Richburg.

Construction is backed with a 10-year loan of $18 million from Little Rock’s Bank of the Ozarks. The property was assembled in 17 transactions totaling more than $1.7 million.

The sellers were Kiddie Kampus Playskool, led by Richard Massery, $250,000 in August 2006; Levi and Richard Lance, $191,000 in November 2007; St. Mark Baptist Church Inc., a June 2009 real estate swap valued at $169,000; Yelenich Family Trust, led by R.J. Yelenich, $160,000 in October 2006; and Carroll and Thelma Smith, $160,000 in September 2007.

Others were Michael Starns, $110,000 in August 2007; George and Kathleen Loss, $105,000 in July 2007; Nau Moreno and Xihuiti Ilhuicamina, $100,000; Edna and John Berry and Theo Mullins, $79,000 in May 2007; Arlene Johnson, $60,000 in December 2006; Clifton and Lamika Killingsworth II, $60,000 in November 2006; and Dorothy Bevills, $60,000 in May 2007.

Rounding out the list are TA Holdings LLC, led by Todd and Wendy Anderson, $59,000 in December 2006; Richard Massery, $50,000 in August 2006; Janice Moseley, $43,000 in April 2006; Lawrence Fee Jr., and his wife, Peggy, $40,000 in February 2007; and Thomas and Ethelee Beverly, $9,000 in June 2007.

Hospitality Land
A hotel project in west Little Rock is in motion after a $2.28 million land deal.

James and Terry Barnes and their Promenade Hospitality LLC bought a 2.91-acre site near the southeast corner of La Grande Drive and St. Vincent Way from Deltic Timber.

Deltic entered the Pulaski County real estate scene in December 1956 by acquiring Sparkman Lumber Co., led by Roy and Christine Sturgis. The Pulaski County portion of that transaction encompassed 16,552 acres.

Church Transactions
Church property in North Little Rock rang up a $797,500 transaction.

Lynchview Baptist Church sold its 7.08-acre development at 800 Page Mill Road to Mt. Pleasant Missionary Baptist Church. The deal is financed with a five-year loan of $470,000 from First Security Bank of Searcy.

The location was purchased for $30,000 in December 1975 from The Matthews Co., led by John P. Matthews.

On the flip side, Mt. Pleasant sold its former 2200 Willow St. location in January for $330,000 to North View Missionary Baptist Church.

In turn, North View sold the property for $345,000 to Clifton Family LLLP, led by Norman Clifton.

Mt. Pleasant bought the 0.68-acre location for $5,760 in October 1964 from the Urban Renewal Agency of the city of North Little Rock.

O’Reilly’s Site
An O’Reilly’s redevelopment in west Little Rock is in the works after a $600,000 transaction.

SimonCRE Carp VIII LLC, an affiliate of Simon Commercial Real Estate of Scottsdale, Arizona, purchased the 0.75-acre commercial development at 8625-8701 W. Markham St.

The sellers are the McPherson Family Trust No. 2 and the Opha McPherson Living Trust, both led by Opha Stobaugh.

The deal is backed with a $1.3 million loan from CrossFirst Bank of Leawood, Kansas.

The property previously was linked with an October 2011 mortgage of $160,051 held by Regions Bank of Birmingham, Alabama.

The land was assembled in two deals totaling $155,000. The sellers were Mrs. John A. Parker, $150,000 in September 1976; and Lewis and Joan Johnson, $5,000 in April 1984.

Superstop Buy
A Superstop convenience store in west Little Rock sold for $550,000.

Chang Lee bought the 1400 John Barrow Road project from the estate of Robert Gladden and his Gladden Investments LLC, led by Beth Gladden Coulson.

The deal is funded with a five-year loan of $435,000 from One Bank & Trust of Little Rock. The 0.53-acre property was purchased for $325,000 in January 2001.

The sellers were the Mary Elizabeth Jackson Trust, James Marshall Oathout Trust, Martha Lynn Thompson Trust and Jerry Ann Florendo Trust, $54,000 each; and the Goin Oliver Harper Revocable Trust, $109,000.

Office Purchase
A 2,127-SF medical office building in midtown Little Rock is under new ownership after a $250,000 transaction.

Professional Resource Development Inc. of Effingham, Illinois, acquired the 5500 W. Markham St. project from Malvi Acquisitions LLC of Concord, Massachusetts.

Malvi bought the 0.15-acre development for $250,000 in October 2016 from T.W.L.R. LLC, led by Tracy Windham.

Seven-Digit Construction

Phase 2    $10,000,000
Bowman Pointe Apartments
3321 S. Bowman Road, Little Rock
Richardson Builders LLC, North Little Rock

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