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Pleasant Woods Apartments Sell for $12.2 Million (Real Deals)

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The sale of a 220-unit apartment project in west Little Rock tipped the scales at $12.25 million.

Pleasant Woods LR LLC, an affiliate of Dial Realty of Omaha, Neb., acquired its namesake project at 11800 Pleasant Ridge Road.

The seller is Pleasant Woods Apartment Associates LLC of Yardley, Pa.

The deal is financed with a seven-year loan of $9.8 million from Grandbridge Real Estate Capital LLC of Charlotte, N.C.

The 18.3-acre development previously was tied to an August 2005 bond issue of $6.39 million through Little Rock’s Residential Housing & Public Facilities Board and a $2.3 million loan from GMAC Commercial Mortgage Corp. of Horsham, Pa.

The project was bought for $8 million in June 2003 from Pleasant Woods/DEC Ltd. of Columbus, Ohio.


Warehouse Buy

A 71,130-SF warehouse in Little Rock changed hands in a $500,000 deal.

8121 Distribution Drive LLC, led by Adam Hart, Justin Muller and Herman Scott, purchased its namesake property from the Arkansas Foodbank Network.

The deal is backed with a $675,000 loan from First Security Bank of Searcy.

The 6.3-acre development previously was linked with an April 1998 mortgage of $490,000 held by Regions Bank of Birmingham, Ala.

The Arkansas Foodbank Network acquired the project for $300,000 in February 1995 from Rockapar Corp. of Atlanta.


Farm Expansion

A southeast Pulaski County enterprise expanded its holdings through a $240,000 Punkin Patch transaction.

Bemis Tree Farm Inc., led by Donna Bemis, bought an adjoining 90 acres at 12501 Punkin Patch Road from Marvin and Rose Lewis. The deal is funded with a three-year loan of $280,000 from Community State Bank of Bradley.

The Lewis family recovered the property at a $100,000 foreclosure sale in September 2011 from Cedar Creek Construction LLC, led by Darren Clow.

The limited liability company defaulted on a $389,000 mortgage held by the Lewis family, who financed the $390,000 sale in October 2009.


Parking Transaction

A 0.24-acre parking lot in downtown Little Rock rang up a $125,000 sale.

Jjrocksm Holding LLC, led by Michael Langford and Sean Miller, acquired the property adjoining the west side of the Millionaire Reception Room at 700 Broadway.

The seller is the 1998 Kenneth W. Johnson Revocable Living Trust.

The deal is financed with a $751,600 loan from Heritage Bank of Jonesboro.

The trust purchased the property for $70,000 in December 1998 from Leslie Coleman.

The mortgage additionally is secured by the 10,400-SF project at 700 Broadway, bought for $235,000 in June 2011 from the William Thomas & Carolyn Garrett Joint Revocable Trust.


Riverbend Home

A 3,868-SF home in Little Rock’s Riverbend neighborhood weighed in at $650,000.

The MDY Irrevocable Trust, led by Melissa Yarnell, purchased the house from the John & Victoria Meyer Family Living Trust.

The trust acquired the property for $850,000 in May 2008 from EKYD Investments LLC, an affiliate of the University of Arkansas Foundation Inc.

The Francis Dyke family, which donated the residence to the foundation in April 2007, purchased the property for $224,000 in June 1992 from Virginia Bailey.

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