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Riverhouse Apartments Sell for $39.6 Million (Real Deals)

5 min read

The sale of a 260-unit apartment project in Little Rock’s Riverdale area weighed in at more than $39.62 million.

Riverhouse/ML-BWP LLC and Riverhouse/1031 LLC, both of Nashville, Tennessee, bought their namesake apartment project at 1200 Brookwood Drive. The seller is Riverdale Residences LLC, an affiliate of LIV Development of Birmingham, Alabama.

The deal is financed with a $26.1 million loan from CBRE Multifamily Capital Inc. of Houston, Texas.

The 7.62-acre development previously was tied to a September 2015 mortgage of $39.6 million held by Protective Life Insurance Co. of Birmingham.

The location was purchased for $2.57 million in March 2014 from Winrock International Institute for Agricultural Development.

Multifamily Purchase

A 98-unit apartment complex in North Little Rock tipped the scales at $1.7 million.

OOWALGE LLC, led by Valecia Ootsey-Walker, acquired Parkway Crossing Apartments at 2000 Parkway Drive. The seller is Marsilmor Properties LLC, led by Helen Marshall.

The deal is backed with a four-year loan of $1.5 million from One Bank & Trust of Little Rock and an 18-month loan of $100,000 from Marshall.

The 5.21-acre development previously was linked with a December 2012 mortgage of $1.2 million held by One Bank.

Marsilmor bought the property for $1.5 million in February 2006 from Parkway Crossing LLC, led by J. Patrick McGuire.

Warehouse Buy I

An 18,000-SF office-warehouse in North Little Rock changed hands in a $1.02 million sale.

Bx3 Real Estate Holdings LLC of Dallas purchased the project at 4601 E. 43rd St. from LETA Properties LLC, formed by the late Leta Keenihan.

The deal is funded with a 10-year loan of $814,400 from Frost Bank of San Antonio.

The 1.27-acre development was previously tied to an April 2009 mortgage of $984,000 held by Delta Trust & Bank of Little Rock.

The property was acquired for $820,000 in December 2005 from The Woodcrest Co. LLP, led by James P. Matthews.

Convenient Deal I

A Sherwood convenience store rang up an $850,000 transaction.

HYC Corp., led by Han Cho, bought the T-Ricks project at 14815 Hwy. 107. The seller is Mid-State Distributing Inc., led by Khairunissa Mandani.

The deal is financed with a $529,900 mortgage held by Centennial Bank of Conway.

The 0.42-acre development previously helped secure a May 2008 mortgage of $3.8 million held by T. Ricks LLC, led by Rick Kent.

Mid-State purchased the property for $600,000 in May 2008 from T. Ricks.

Downtown Sale I

A 14,000-SF building in downtown Little Rock is under new ownership after a $715,000 sale.

Arkansas Community Colleges, led by Bill Stovall III, acquired the 815 Main St. project. The seller is Haybar Properties LLC, led by Bryan Hosto.

The deal is backed with a $799,000 loan from Centennial Bank. Haybar bought the 0.16-acre development for $305,000 in May 2007 from Sam Bracy III.

Downtown Sale II

A 33,472-SF building in downtown Little Rock drew a $545,000 transaction.

300 S. Broadway LLC, led by Joe Carter, purchased the 300-310 Broadway project. The seller is Gay Oil Co., led by Jerry Gay.

The deal is funded with a two-year loan of $800,000 from One Bank.

Gay Oil acquired the 0.48-acre development in three deals totaling $47,500. The sellers were Thomas and Maggie Ashcraft, $35,000 in October 1924; Fred and Mary Allsopp, $6,250 in January 1925; and E.O. and Emma Bagley, $6,250 in January 1925.

Convenient Deal II

A Jacksonville convenience store sold for $500,000. Diamond State Oil LLC, an affiliate of North Little Rock’s Coulson Oil Co., bought the J&J Mart at 2215 First St. The seller is Mat Investments LLC, led by Everette Martin.

The deal is financed with a six-month loan of $400,000 from BancorpSouth Bank of Tupelo, Mississippi.

The 0.53-acre development previously was linked with a December 2004 mortgage of $496,981 held by Centennial Bank. Mat Investments purchased the location for $125,000 more than 11 years ago from Diamond State.

University Property

A 20,310-SF former auto dealership property in south Little Rock changed hands in a $430,000 transaction.

Hairston Properties LLC, led by Edwin Hairston Jr. and his wife, Rejena, acquired the 5804 S. University Ave. project from Gerald Martindill Jr. and his wife, Cathy.

The deal is backed with a five-year loan of $100,000 from IberiaBank of Lafayette, Louisiana.

The Martindills bought the 1.6-acre property for $450,000 in December 1990 from Betty Lee Adock.

Warehouse Buy II

A 12,000-SF warehouse in southwest Little Rock rang up a $400,000 sale.

#40 Real Estate Partnership LLC of Dallas purchased the 10224 Sibley Hole Road project from the Danny & Rhonda Heathcock Revocable Living Trust.

The 4.19-acre development was acquired for $280,000 in April 2010 from the Ed & Emma Lou Culin Revocable Trust.

Charity Expansion

A nonprofit expanded its west Little Rock location in a $232,172 deal.

Easter Seals Arkansas bought the adjoining 1,432-SF house at 3800 Woodland Heights Road from Neva Harden.

The 0.52-acre property was purchased for $1,800 in June 1959 from Roy and Rita Parlier.

3M Acquisition

An industrial concern added to its holdings in southeast Little Rock in a $210,000 transaction.

3M Co. acquired the 4.44-acre property at 6908 Arch St. from William Otis Brakebill and Barbara Nichols.

The Brakebill family bought the property for $7,000 in August 1947 from Joe and Elizabeth Geyer.

Woodland’s Abode

A 4,176-SF home in the Woodland’s Edge neighborhood of west Little Rock is under new ownership after a $582,000 sale.

The Bruce E. Murphy Revocable Trust purchased the house from Keith and Julie McPherson.

The residence previously was tied to an April 2013 mortgage of $399,000 held by Carroll Mortgage Group Inc. of Little Rock.

The McPhersons bought the location for $62,000 in January 2009 from Rocket Properties LLC, led by Lisenne Rockefeller and Ron Tyne.

Midland Residence

A 4,443-SF home in Little Rock’s Midland Hills neighborhood drew a $540,000 transaction.

Jennifer and Daniel Anderson acquired the house from David and Penelope Rudder.

The deal is funded with a 30-year loan of $485,000 from Arvest Bank of Fayetteville.

The residence previously was linked with a July 2011 mortgage of $160,000 held by Regions Bank of Birmingham, Alabama, and a November 2011 mortgage of $251,500 held by Bank of Little Rock Mortgage Corp.

The Rudders purchased the house for $295,000 in November 1994 from Dorothy Schwarz.

St. John’s Home

A 2,782-SF home in the St. John’s Place neighborhood of Little Rock sold for $525,000.

The Wightman Family Trust, led by Dennis and Marnie Wightman, bought the house from Purcell Smith Jr. and his wife, Joan.

The residence previously was tied to a May 2008 mortgage of $138,123 and a May 2013 mortgage of $148,124 held by IberiaBank.

The site was acquired for $200,000 in July 1989 from St. John’s Place, a joint venture led by Andrew McDonald, bishop of the Roman Catholic Diocese of Little Rock; and Dickson Flake.

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