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Ridgecrest Apartments Visited by $5M Transaction (Real Deals)Lock Icon

5 min read

A 222-unit apartment project in west Little Rock weighed in at $5.15 million.

Ridgecrest LRAR LLC of Encino, California, acquired its namesake complex at 1900-2000 Reservoir Road from Tri-5 LLC, an affiliate of Trinity Multifamily in Fort Smith.

The deal is backed with a $3.3 million loan from Bellwether Enterprise Mortgage Investments LLC of Columbia, Maryland.

The 9.31-acre development previously was linked with a September 2015 mortgage of $3.9 million held by Firstar Bank of Sallisaw, Oklahoma.

Tri-5 purchased the project for $3.6 million 21 months ago from the Frank R. Warren & Joanne C. Warren Trust.

Consolidating Ownership

A 9,909-SF office building in North Little Rock rang up a $525,000 sale.

Keith and Melanie Grayson bought sole ownership of the Lakewood Professional Building at 4701 Fairway Ave. from Sharon Davis.

The deal for Davis’ 50 percent stake is funded with a $681,864 loan from Centennial Bank of Conway.

The 0.79-acre development previously was tied to a July 2002 loan of $837,250 originated by Twin City Bank of North Little Rock.

The site was acquired for $233,000 in July 2001 from Land Associates of Arkansas Inc., led by William Alfonso.

Office Space

A 3,603-SF piece of a west Little Rock office building changed hands in a $412,000 transaction.

RS & CS Properties LLC, led by Russell Simmons and Creighton Simmons, purchased the Teague Vision Clinic space at 11115 Hermitage Road from the Randy & Gayle Teague Living Trust.

The property is securing $866,000 of debt held by the trust. The Teagues, investors in the half-acre TCB West de-velopment with Mark Cathey and J. Taun Berry, bought the site in October 1997 from Randall Machen for $130,000.

Church Property

A 6.53-acre church development in south Little Rock sold for $357,000.

Colonel Glenn Church of Christ ac-quired the 7001 Col. Glenn Road project from Life Unlimited Christian Fellowship.

The deal is financed with a five-year loan of $375,000 and a one-year loan of $100,000 from The Solomon Foundation of Parker, Colorado.

Life Unlimited purchased the property for $135,000 in June 1980 from the Pulaski County Baptist Association. 

Branch Buy

A 2,904-SF bank branch in Sherwood drew a $356,000 transaction.

JWJ Investments LLC, led by Steve Jenkins, bought the former Twin City Bank facility at 301 E. Kiehl Ave. The seller is Cabot Bankshares, an affiliate of Home BancShares Inc. of Conway since its acquisition more than 13 years ago.

The 0.96-acre development, originally a branch of Little Rock’s Union Bank of Arkansas, was acquired for $475,000 in October 1997.

The seller was NationsBank of Charlotte, North Carolina, the predecessor to Bank of America.

Showroom Purchase

A 4,500-SF showroom in southwest Little Rock is under new ownership after a $300,000 sale.

The Jose Ernesto Turcios & Patricia Feride Zarruk Revocable Trust purchased the 8517 Geyer Springs Road project from Wells Fargo Bank of Sioux City, South Dakota.

The bank recovered the 0.41-acre development from Dairy Bell LLC of Houston, Texas, at a $288,000 foreclosure sale in November 2015.

Residential Swap

Residential lots and an 8,832-SF home in the Orle neighborhood of west Little Rock were on either side of a swap val-ued at $1.4 million.

Rick and Deanna Ferguson and limited liability companies associated with his real estate developments traded seven lots in the Waterview Estates neighborhood of west Pulaski County and one lot in Little Rock’s Valley Falls Estates neighborhood for the house.

The residence, owned by the Oscar & Doris Washington Family Trust, previously was linked with a December 2006 mortgage of $880,000 held by Regions Bank of Birmingham, Alabama, and an April 2015 mortgage of $500,000 held by First Security Bank of Searcy.

The location was acquired for $147,000 in July 2006 from Deltic Timber Corp. of El Dorado.

The Orle home, now tied to a three-year loan of $845,000 from First Security, is owned by Ferguson’s Waterview Estates Phase III LLC.

ODS Enterprises LLC, led by Oscar Washington, received the Valley Falls Estates lot from the Fergusons, three lots in Waterview Estates from Waterview Estates LLC and two lots in Waterview Estates each from SWLR Properties LLC and Waterview Estates Phase III LLC.

The lots are now securing a five-year loan of $1 million from Simmons Bank of Pine Bluff.

Chenal Downs

A 3,322-SF home in west Little Rock’s Chenal Downs neighborhood rang up an $800,000 sale.

Robert and Carlene Lyle bought the 6.78-acre spread from Michelle Calhoun. The deal is backed with a 30-year loan of $424,100 from Simmons Bank.

The house was acquired for $725,000 in August 2005 from Steven Young Jr. and his wife, Cindy.

Waterview Meadows

A 4,313-SF home in the Waterview Meadows neighborhood of west Pulaski County changed hands in a $644,000 deal. Dear Rosie LLC, led by Jerrilyn
Clay, purchased the house from BK & BK Builders LLC, led by Larry Evans and
Brian Dumont.

The deal is backed with a 30-year loan of $515,200 from Wells Fargo Bank. The residence previously was linked with a September 2015 mortgage of $468,000 held by Little Rock’s Bank of the Ozarks.

The location was bought for $76,000 22 months ago from Waterview Meadows LLC, led by Bill Parkinson.

Heights Home Site

A 0.3-acre site near the Country Club of Little Rock sold for $629,000.

Hawthorne Back Forty LLC, led by Curtis Finch, acquired the land from Porter Briggs and Diane Wilder.

The land previously was tied to a March 2017 loan of $468,750 from Simmons Bank.

Briggs and Wilder bought the land for $625,000 three months ago from James and Linda Landers. The Landers family purchased the property for $645,000 in October 2014 from Michael Carney.

Sherrill Heights Abode

A 3,312-SF home in Little Rock’s Sherrill Heights neighborhood drew a $547,500 transaction.

Jeffrey and Charley Swann bought the house from Howard and Jane Turney.

The deal is funded with a 30-year loan of $379,500 from Simmons Bank. The residence previously was linked with a November 2016 mortgage of $301,400 held by Wells Fargo Bank.

The Turneys acquired the property for $186,000 in July 1997 from Joseph
and Darla Jarvis. 

Canal Pointe House

A 2,374-SF home in Little Rock’s Canal Pointe neighborhood is under new ownership after a $516,000 sale.

Howard and Jane Turney purchased the house from the Mary Jo Scott Re-
vocable Trust. The deal is financed with a 15-year loan of $350,000 from Simmons Bank.

The trust bought the property for $375,000 in February 2012 from Otto Verch.

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