The sale of adjoining apartment projects in west Little Rock weighed in at $3.6 million. Tri-5 LLC, an affiliate of Trinity Multifamily in Fort Smith, bought the 110-unit Warren House Apartments at 2000 Reservoir Road and the 112-unit Warren Terrace Apartments at 1900 Reservoir Road from the namesake trust of Frank and Joanne Warren.
The deal is backed with a $3.95 million loan from Firstar Bank of Sallisaw, Oklahoma. The combined 9.31-acre development, renamed Ridgecrest Apartments, was assembled in two $106,000 transactions with Congregation B’nai Israel in May 1974 and Rector Phillips Morse Inc. in October 1976.
Retail Transaction
A 6,398-SF retail project in west Little Rock tipped the scales at $1.12 million.
P&H Investments LLC, led by John Perry and Robert Hester, acquired the home of Chenal Laundry & Dry Cleaners at 401 S. Bowman Road from Leonard R. Ellis Properties Inc.
The deal is financed with a five-year loan of $1.44 million from First Community Bank of Batesville. The 0.74-acre development was tied to a June 2014 mortgage of $512,576 held by BancorpSouth Bank of Tupelo, Mississippi.
The project was bought for $850,000 19 months ago from Nineteenth Hole Development Co. LLC, led by Jeff Shaneyfelt.
Land Acquisition
A 1.63-acre commercial site in west Little Rock changed hands in a $725,000 sale. A local investment group purchased the land at the northeast corner of Highway 10 and Chenal Parkway from Walgreen Co. of Deerfield, Illinois.
The buyers were Highway Chenal LLC, led by the LaFrance family, 68 percent; Guard LLC, led by Haitham Alley, 20 percent; and K&D Huchingson LLLP, led by Kevin Huchingson, 12 percent.
Walgreen acquired the site for $1.4 million in September 2008 from PDC LLC, led by Gene Pfeifer.
Sologne Abode
A 4,147-SF home in the Sologne Circle neighborhood of west Little Rock sold for $905,000. The Jack Harper Family Revocable Trust, led by Heath and Brooke Harper, bought the house from Darrell and Angela Baker.
The deal is funded with a 30-year loan of $724,000 from Morgan Stanley Private Bank of Purchase, New York. The property was tied to March 2009 mortgages of $180,000 and $417,000 held by Bank of America in Charlotte, North Carolina.
The location was purchased for $195,000 in December 2001 from Deltic Timber Corp. of El Dorado.
Hickory Creek Home
A 4,691-SF home in west Little Rock’s Hickory Creek neighborhood drew an $850,000 transaction. The Sandra L. Landers Revocable Trust acquired the house from the Scott A. Landers Revocable Trust.
The property was bought for $1.07 million in September 2006 from Bowden Boshears Construction Co.
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