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Rivercliff Apartments Surpasses $16 Million (Real Deals)Lock Icon

4 min read

A 133-unit apartment project in the Riverdale area of Little Rock tipped the scales at $16.25 million.

Rivercliff Co., led by Richard Cheek, sold its namesake project at 2000 Magnolia Ave. to MLG/LF Rivercliff LLC, an affiliate of MLG Capital in Brookfield, Wisconsin.

The deal is funded with a five-year loan of $10.3 million from Berkadia Commercial Mortgage LLC of Ambler, Pennsylvania.

The 9.35-acre property was developed with a $200,000 loan after a June 1947 ownership shift from Arkansas Housing Corp.

Landmark Deal

Landmark Apartments LLC, led by Haitham Alley, sold the 196-unit, first phase of its namesake project at 16000 Rushmore Ave. in west Little Rock for $40.2 million.

The property was purchased by 17 limited liability companies, affiliates of Canyon View Capital in Santa Cruz, California.

Sales Event

A 10,662-SF event center in west Little Rock weighed in at $2.7 million.

Exclusive Properties & Venues LLC, led by Michael and Amanda Johnson, bought the former Noah’s Event Venue at 21 Rahling Circle from Equitrust Life Insurance Co. of Chicago.

The deal is backed with a $2.2 million loan from VelocitySBA LLC of Pasadena, California.

Equitrust recovered the 1.49-acre development a year ago from NC Little Rock 642 LLC, an affiliate of Guggenheim Retail Real Estate Partners of Frisco, Texas. The limited liability company forfeited the property in lieu of foreclosure.

Mini Transaction

A 103-unit mini-storage project in eastern North Little Rock rang up a $1.27 million sale.

Copper Storage Solutions LLC of Daytona Beach, Florida, purchased the Arkansas Storage Center at 10056 U.S. 165 from Purple Moon Properties LLC, led by Alese Stroud.

The 1-acre development is helping secure a $2 million financing agreement with United Community Bank of Greenville, South Carolina. Purple Moon bought the property for $355,000 in April 2020 from Arkansas Storage Centers III LLC, led by Stuart Finley.

Office-Warehouse I

A 16,750-SF office-warehouse in the Little Rock Port Industrial Park is under new ownership after a $985,000 deal.

SMB Lindsey Road LLC, led by Martha Beachboard, and the Beachboard-Brewer Family Joint Revocable Trust, led by John Beachboard and Amber Brewer, acquired the 7428 Lindsey Road project.

The seller is JSW Holdings Inc., led by Wallace Rowland.

The deal is funded with a five-year loan of $495,000 from Arvest Bank of Fayetteville.

JSW Holdings purchased the 1.9-acre development for $565,000 in June 2003 from Paul and Elizabeth Weaver.

Church Conversion

A 21,725-SF fitness center in midtown Little Rock sold for $950,000.

Centro Cristiano Hispano, led by John Molina, bought the CareLink Fitness & Wellness Center at 1200 S. Cleveland St.

The seller is the Central Arkansas Area Agency on Aging Inc., led by Luke Mattingly.

The deal is backed with a three-year loan of $760,000 from Arvest Bank.

The CAAAOA acquired the 3.48-acre former Bess Chisum Stephens YWCA development for $840,000 in December 2016 from Centers for Youth & Families Inc., led by Doug Stadler.

Multifamily Purchase

An eight-unit apartment building in the Hillcrest area of Little Rock changed hands in a $875,000 deal.

CBW CR LLC, led by Christopher Waltz, purchased the 4220 A St. project from Sleepy Chiwawas LLC, led by John Cheairs.

The deal is financed with a three-year loan of $275,000 from Malvern National Bank.

Sleepy Chiwawas bought the 0.48-acre development for $491,500 in August 2014. 

The seller was C&P Properties LLC, led by Wes Crank and Greg Parham.

Combo Buy

A 7,796-SF package store-laundromat project in the Hillcrest area of Little Rock drew a $700,000 transaction.

Shri Tripura Sundari Inc., led by Jignesh Modi, acquired the Markham Street Liquor/Fun Wash at 4204 and 4206 W. Markham St.

The seller is Ottenheimer Brothers Foundation, led by Julianne Grundfest.

The deal is funded with a $560,000 loan from Chambers Bank of Danville.

Ottenheimer Brothers purchased the 0.38-acre property for $32,500 more than 60 years ago.

The seller in that December 1958 transaction was Frank and Marian Southard.

Office-Warehouse II

A 4,560-SF office-warehouse in west Pulaski County rang up a $500,000 sale.

Wolfsbridge Development LLC, led by Joey Wiggins, bought the 17101 Lawson Road project.

The seller is W.I. Properties LLC, led by Todd Witham.

The deal is backed with a one-year loan of $400,000 from First Community Bank of Batesville.

W.I Properties acquired the 22.59-acre property for $300,000 in August 2014 from the Lucy B. Johnson estate.

Duplex Deal

A duplex in downtown Little Rock is under new ownership after a $150,000 deal.

PAM Development Property LLC, led by Joshua and Rebecca Karriem, purchased the 1406 S. State St. project. 

The seller is M&J Property Holdings LLC, led by Milton Zuniga.

The deal is financed with a three-year loan of $170,000 from Arkansas Federal Credit Union of LIttle Rock.

The 0.1-acre development was bought for $128,000 in June 2021 from Early Langston.

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