A quartet of Little Rock apartments sold for a combined $65 million. Affiliates of Somerset Partners LLC of New York bought the projects from affiliates of Bell Partners Inc. of Greensboro, North Carolina.
The particulars involve:
• Riverwalk Arkansas Associates LLC buying the 262-unit Riverwalk Apartments at 2400 Riverfront Drive from Riverwalk Little Rock Apt Portfolio LLC for $25 million.
The deal is financed with a 10-year loan of $20 million from Walker & Dunlop LLC of Bethesda, Maryland. The 11-acre development previously was tied to a December 2006 mortgage of $15.1 million from Column Guaranteed LLC of New Orleans.
The property was acquired for $18 million more than eight years ago from Aimco/Rals Ltd. of Denver.
• Pleasant Ridge Arkansas Associates LLC purchasing the 200-unit Pleasant Ridge Apartments at 11700 Pleasant Ridge Road from Pleasant Ridge Little Rock Apt. Portfolio LLC for $17.2 million.
The deal is backed with a 10-year loan of $13.7 million from Walker & Dunlop. The 14.2-acre development previously was linked with a December 2006 mortgage of $13 million from Column Guaranteed.
The property was bought for $16 million more than eight years ago from Homecorp Investments Ltd. of Denver.
• Governors Arkansas Associates LLC acquiring the 154-unit Governor’s Park Apartments at 7820 W. Fifth St. from Governors Park Little Rock Apt Portfolio LLC for $12 million.
The deal is funded with a 10-year loan of $9.6 million from Walker & Dunlop. The 6.5-acre development previously was tied to a December 2006 mortgage of $6.8 million and a February 2008 mortgage of $1.3 million held by Column Guaranteed.
The property was purchased for $8 million more than eight years ago from U.S. Realty Partners Ltd. of Denver
• Pleasant Valley Arkansas Associates LLC buying the 112-unit Pleasant Valley Pointe at 11810 Pleasant Ridge Road from Pleasant Valley Arkansas Associates for $11.2 million.
The deal is financed with a 10-year loan of $8.9 million from Walker & Dun-lop. The 13.2-acre development previously was linked with a June 2007 mortgage of $8.5 million held by Laureate Capital LLC of Charlotte, North Carolina.
The property was acquired for $9.98 million more than eight years ago from Aimco Properties Finance Partners Ltd. of Denver.
Dentistry Development
An Arkansas Dentistry & Braces development in North Little Rock is in the works after a $650,000 deal.
Jonesboro’s Haag-Brown Development LLC, led by Greg Haag and Josh Brown, purchased the Aamco Transmission project at 4901 Warden Road. The seller is the Bass Family Irrevocable Trust, led by Lynda Bass Gaiser and James Bass Jr.
Construction is backed with a five-year loan of $1.5 million from First Community Bank of Batesville.
The Bass family bought the location for $74,000 in January 1977 from Foster and Lurline Johnson and C.G. and Dora Ball.
Multifamily Purchase
Five small multifamily projects in southwest Little Rock drew a $525,000 transaction.
Zato Investments Ltd. Co., led by Mike Rushin Sr., acquired the eight-unit project at 2912 Southwick Drive, two four-plexes at 1800 and 2006 Sanford Drive and two duplexes at 11 and 13 Rosemunn Drive. The seller is P.E. Munnerlyn Share 2 Trust, led by Donna M. Bosley.
The deal is funded with a five-year loan of $420,000 from Simmons First National Bank of Pine Bluff and a $110,000 loan from the seller.
The Southwick property was purchased for $8,000 in September 1969 from Southdale Corp., led by Lewis Block Jr. The Sanford properties were bought for $16,000 each in August 1972 and February 1973 from Block Mortgage Co., led by Lewis Block Sr.
The Rosemunn properties were acquired for $15,000 as part of deals in December 1969 and April 1970 with Abe and Leatrice Rosen.
Hallen Court Manor
A 7,000-SF home in the Hallen Court neighborhood of west Little Rock’s Chenal Valley development tipped the scales at $1 million.
Matthew and Grace Edwards bought the house from Edwards Custom Homes Inc., led by Katherine Edwards.
The location was purchased for $133,000 in July 2014 from Deltic Timber Corp. of El Dorado.
Prospect Terrace Abode
A 4,326-SF home in Little Rock’s Prospect Terrace neighborhood is under new ownership after a $648,109 foreclosure sale.
Bank of New York Mellon, as trustee for a mortgage-backed securities portfolio, recovered the house from Thomas and Melissa McCain.
The residence previously was tied to a June 2006 mortgage of $709,000 originated by Capital One Home Loans LLC of Overland Park, Kansas.
The McCains acquired the property for $500,000 in June 2004 from Thomas and Sheila Mehaffy.
Osage Hills Home
A 4,800-SF home in Maumelle’s Osage Hills neighborhood rang up a $596,000 deal. Jason and Laura Blake purchased the house from Woodhaven Homes Inc., led by Jack Wilson.
The deal is financed with a 30-year loan of $448,560 from Wells Fargo Bank of Sioux Falls, South Dakota. The residence previously was linked with a February 2014 mortgage of $493,850 held by Summit Bank of Arkadelphia.
The Blakes bought the location for $48,000 in July 2012 from Chet Firebaugh and Michelle and George Khamis.
Rural Residence
A 5,083-SF home in west Pulaski County changed hands in a $563,532 foreclosure sale.
Bank of New York Mellon, as trustee for a mortgage-backed securities portfolio, recovered the 6.7-acre spread from Rebekah Price-Jirel and her husband, Brian.
The residence previously was tied to a January 2004 mortgage of $540,000 originated by Regions Bank of Birmingham, Alabama.
The Jirels acquired the land for $75,000 in August 2002 from Joe and Jo Lynn Rath.
Maisons House
A 4,380-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development sold for $559,000.
Peter and Cynthia Dunn bought the house from Virgil Moore Jr. and his wife, Janice. The deal is backed with a 30-year loan of $409,000 from JPMorgan Chase Bank of Columbus, Ohio.
The residence previously was linked with an October 2006 mortgage of $591,000 from Telcoe Federal Credit Union of Little Rock.
The Moores purchased the property for $657,000 nearly nine years ago from Robb Broyles Construction Co.
Convenient Funding
The owner of a trio of Shell convenience stores in Little Rock picked up a $2.7 million funding agreement.
New Vista LLC, led by Mike Coulson, obtained the 10-year loan from Simmons First National Bank.
The projects at 19500 Cantrell Road, 16900 Cantrell Road and 4100 W. Markham St. also help secure a March 2007 mortgage of $14.9 million held by the bank.
New Vista acquired the properties more than eight years ago in deals with River City Energy Co., led by Layton “Scooter” Stuart: The 1.86-acre 19500 Cantrell development, $1.9 million; 1.14-acre 16900 Cantrell development, $1.2 million; and the 0.54-acre 4100 Markham development, $840,000.
Seven-Digit Construction
MEMS Facility $9,600,000
1121 W. Seventh St., Little Rock
Nabholz Construction Corp., Conway
Energy Upgrades $5,005,675
Arkansas Blue Cross & Blue Shield
601 Gaines St., Little Rock
Baldwin & Shell Construction Co., Little Rock
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George Waldon writes the weekly Real Deals column on Arkansas real estate transactions. He’s also one of the state’s most experienced banking reporters. Contact him at George@ABPG.com |
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