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Palisades at Chenal Valley Hosts $34.1M Transaction (Real Deals)Lock Icon

4 min read

A 248-unit apartment project in west Little Rock weighed in at $34.1 million.

Nine limited liability companies affiliated with Canyon View Capital of Santa Cruz, California, purchased Palisades at Chenal Valley at 1501 Rahling Road from MAA Arkansas REIT LLC of Germantown, Tennessee.

The deal is backed with a 10-year loan of $24.5 million from Grandbridge Real Estate Capital LLC of Charlotte, North Carolina.

The 16.79-acre development was acquired for $28.1 million in November 2011 from The Reserve at Chenal Valley Apartment LLC of Madison, Mississippi.

Terra Vista Sale

A 205-unit apartment project in southwest Little Rock tipped the scales at $6.51 million.

LR Vista LLC, an affiliate of AMG Realty Group of Skokie, Illinois, bought Terra Vista Apartments at 4811 Arbor Place Drive and 6313 Butler Road. The seller is Republic Terra Vista Ltd., an affiliate of Toronto’s Republic Funds.

The deal is funded with a five-year loan of nearly $4.7 million from West Bank of West Des Moines, Iowa.

The combined 8.88-acre development previously was tied to a September 2017 mortgage of $2.2 million held by Little Rock’s Bank OZK.

The properties were purchased for $3.3 million in August 2017 from Arbor Place Apartments Ltd. and Arbor Place Apartments Ltd. II, both led by Donald Marshall Jr. and Melba Marshall.

Renegade Purchase

Apartment properties with a combined 45 units sold for $1.54 million.

Renegade Properties LLC, led by John Dennis and Kurtis Cochran, acquired 30 apartments at 1812 W. 44th St. and 4412 Lynn Lane in North Little Rock and 15 units at 3426 and 3518 Arapaho Trail in Little Rock.

The sellers are HSD Properties LLC, Hannema Properties LLC and Van Geuns Properties LLC, led by Noel and Jeffrey du Celliee Muller.

The deal is financed with a three-year loan of $1.9 million from Arkansas Federal Credit Union of Jacksonville.

The combined 1.85-acre North Little Rock development previously was linked with a December 2017 mortgage of $569,321 from Central Bank of Little Rock.

The property was purchased for $895,000 25 months ago from Columbia LLC, led by Lee Hatcher and Joi Pryor.

The combined 0.58-acre Little Rock development previously helped secure a November 2017 mortgage of $1 million held by Bank OZK.

The property was bought 26 months ago as part of a $1.3 million deal with Town Creek LLC, led by Rick Ferguson.

Auto Acquisition

An AutoZone in west Little Rock drew a $1.05 million transaction.

Watch Hill Development 2 LLC of Dallas acquired the 5,320-SF project at 9716 N. Rodney Parham Road.

The sellers are A-Z Investments LLC, led by Dickson Flake; Rene and Aaron Gamewell; and Scott Proctor.

The deal is backed with a 10-year loan of $760,000 from CapStar Bank of Nashville, Tennessee.

The property was bought for $290,000 in August 2001 from Mazzio’s Corp. of Tulsa.

Retail Purchase

A 7,200-SF retail project in Maumelle rang up an $800,000 sale.

Belle View Properties LLC, led by Steven Burton, purchased the 1800 Club Manor Drive center.

The seller is Elder-Meadowview Town-homes LLC, led by Chris Elder.

The deal is funded with a five-year loan of $892,500 from Citizens Bank of Batesville.

The 0.64-acre development previously was tied to an October 2007 mortgage of $800,000 held by Great Southern Bank of Springfield, Missouri.

The location was acquired more than 12 years ago for $281,000 from IHDG Pulaski-02 LLC, led by William D. Walker.

Land Buy I

A 0.78-acre commercial site in west Little Rock changed hands in a $360,000 deal.

BRSMM 69 Inc., led by Ben Robles and Marlene Murphy, bought the office land on the south side of Cantrell Road between Chenonceau Boulevard and Chevaux Court.

The seller is 3 ½ LLC, led by Sam Hilburn and Rodney Thomason.

The property previously helped secure an August 2006 mortgage of $3 million held by BancorpSouth Bank of Tupelo, Mississippi.

The land was purchased in February 2005 as part of a $1.25 million deal with Gene and Linda Pfeifer.

Land Buy II

A 1.1-acre commercial site in north Pulaski County on the southern edge of Gravel Ridge is under new ownership after a $266,400 sale.

WPM Community Landholdings LLC, led by Percy Malone, acquired the land on the west side of Highway 107 north of Kellogg Creek.

The seller is Hwy 107-10.3 LLC, led by Byron McKimmey.

The land was bought in February 2019 as part of a $535,000 deal with Cecil and Patricia Bailey.

Rural Residence

A 3,984-SF home in west Pulaski County sold for $949,000.

Mark and Emily Brown purchased the 15.9-acre spread from Chad and Lindsay Wilkerson.

The property is now helping secure a nine-month loan of $1.3 million from First Community Bank of Batesville.

The Wilkersons acquired the residence for $834,000 in September 2017 from Desmond and Carol Doris.

Country Club House

A 4,093-SF home near the Country Club of Little Rock drew an $849,000 transaction.

Ananth Ranganathan bought the house from David and Kaiulani Meador. The deal is financed with a 30-year loan of $763,251 from IberiaBank of Lafayette, Louisiana.

The residence previously was linked with a December 2015 mortgage of $702,800 held by Bank of America in Charlotte, North Carolina.

The Meador family purchased the property for $878,500 more than four years ago.

The seller was MMCC Development LLC, led by Mona McClelland and Cindy Childers.

St. Johns Place

A 3,309-SF home in Little Rock’s St. Johns Place neighborhood rang up a $500,000 sale.

Murray Hunt and Jackie Ditmars acquired the house from John Goodson.

The residence previously was linked with a December 2012 mortgage of $417,000 held by Wells Fargo Bank of Sioux Falls, South Dakota.

Goodson bought the property for $550,000 in September 2010 from Julia Mobley.

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