Spanish Rock Apartments Draw $13M Transaction (Real Deals)

Spanish Rock Apartments at 11300 Mesa Drive in west Little Rock.

A 258-unit apartment complex in west Little Rock tipped the scales at $13 million.

MACP Spanish Rock LLC, an affiliate of Morris Avenue Capital Partners of Safety Harbor, Florida, purchased the Spanish Rock project at 11300 Mesa Drive. The seller is Republic Spanish Rock Ltd., an affiliate of Republic Funds of Toronto.

MACP assumed a June 2016 mortgage of $8.7 million held by Fannie Mae.

Republic Spanish Rock acquired the 12.81-acre development for $11 million in July 2017 from Westland Redevelopment LLC, an affiliate of Cross Equities of Addison, Texas.

Molex Redevelopment

A 52,126-SF industrial building in Maumelle weighed in at $2.5 million.

Centerpoint Energy Resources Corp. of Houston, Texas, bought the 101 Bringler Drive project and will redevelop it into a training facility. The seller is Molex LLC of Lisle, Illinois.

Molex purchased the 10.06-acre development for $875,000 in November 1997 and expanded the original 18,500-SF facility. The seller was Iskco Ltd. Corp., led by Ken Breeding.

The property was assembled by Iskco in two 1990 buys in August and October totaling $273,900 from DeHaven Todd & Co., led by John W. “Jay” DeHaven.

Office-Warehouse Buy

A 27,952-SF office-warehouse in Little Rock sold for $600,129.

3200 Myers Street Partners LLC, an affiliate of RPP Products of Bloomington, California, acquired the 3009 Elm St. project from Michael E. Vick Jr.

The deal is financed with a 20-year loan of $510,110 from Stone Bank of Mountain View.

Vick bought the 1.55-acre development in July 2014 as part of a $450,000 deal with Bobby and Mary Ann Stewart.

Site Sale

A 1.51-acre commercial parcel in North Little Rock drew a $285,000 transaction.

Kevin Horton Properties LLC purchased the land at the southeast corner of Counts Massie Road and Collins Industrial Place from Fiber Properties LLC, led by Jason Di Leo.

The property was acquired for $400,000 in January 2006 from Karen Lacewell and the John M. Lacewell Family Trust.

Suite Transaction

A 620-SF office suite in west Little Rock changed hands in a $65,000 deal.

Cherie C. Richardson LLC bought the space in the Pleasant Valley Corporate Center at 11500 N. Rodney Parham Road from Vicki Tanner and Emily Richardson.

The suite was purchased for $30,600 in June 1998 from the United States of America, which recovered the property from Travis Atterberry in a criminal forfeiture case.

Chenal Downs

A 6,662-SF home in west Little Rock’s Chenal Downs neighborhood tipped the scales at $1.67 million.

Michael and Carla Hilburn acquired the house from Joey and Leslie Wiggins. The deal is backed with a 30-year loan of $1.5 million from Arvest Bank of Fayetteville.

The residence previously was tied to a December 2017 mortgage of $1 million held by Arkansas Federal Credit Union of Jacksonville.

The Wiggins family bought the property for $1.2 million in December 2017 from William and Tracie Pugh.

Hillcrest Abode

A 3,326-SF home in the Hillcrest area of Little Rock rang up a $975,000 sale.

Elizabeth and Scott McLaughlin purchased the house from Denise and Brenton Whittington. The deal is funded with a 25-year loan of $780,000 from Regions Bank of Birmingham, Alabama.

The residence previously was linked with a March 2012 mortgage of $793,000 held by Bank of America in Charlotte, North Carolina.

The property was acquired for $750,000 in June 2009 from Felix Gardner Properties LLC, led by Jonathan Norcross and Scott Paterek.

St. John’s Place

A 2,461-SF home in the St. John’s Place neighborhood of Little Rock is under new ownership after a $885,000 transaction.

James and Andrea Gary bought the house from the estate of Margaret Neill Davis.

The residence previously was tied to an August 2016 mortgage of $417,000 held by Riverside Mortgage Co. of Little Rock.

The site was purchased for $125,000 in November 1995 from St. John’s Place, a joint venture composed of the Roman Catholic Diocese of Little Rock and Dickson Flake.

Sologne Circle

A 5,296-SF home in west Little Rock’s Sologne Circle neighborhood sold for $780,000.

Joey and Leslie Wiggins acquired the house from Tracy and Shayne Smith. The deal is financed with a 30-year loan of $624,000 from Arkansas Federal Credit Union.

The residence was bought for $804,000 in May 2010 from Byron and Terri Holmes.

The Arbors

A 3,988-SF home in the Arbors neighborhood of west Little Rock drew a $681,500 transaction.

Lee and Ailene Morisy purchased the house from Barry and Mary Ledbetter. The residence previously was linked with a July 2015 mortgage of $492,250 held by IberiaBank of Lafayette, Louisiana.

The Ledbetters acquired the property for $645,000 five years ago from the Erb Living Trust, led by David and Louise Erb.

Falstone Court

A 3,980-SF home in west Little Rock’s Falstone Court neighborhood changed hands in a $669,000 deal.

Elizabeth Berry bought the house from Karen James Custom Built Homes Inc. The residence previously was tied to a June 2019 mortgage of $510,850 held by First Security Bank of Searcy.

The site was purchased for $105,000 13 months ago from PotlatchDeltic Real Estate LLC, an affiliate of PotlatchDeltic of Spokane, Washington.

Woodlands Edge

A 4,579-SF home in the Woodlands Edge neighborhood of west Little Rock rang up a $631,800 sale.

Leslye and Ray Shellam acquired the house from Dirk Haselow. The deal is backed with a 30-year loan of $501,980 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a July 2019 mortgage of $316,068 held by SunTrust Bank of Richmond, Virginia.

The property was bought for $572,000 in May 2015 from RLA Watkins Ltd., led by Robert and Lauren Watkins.

Westover Hills

A 3,125-SF home in the Westover Hills neighborhood of Little Rock is under new ownership after a $595,000 transaction.

Austin and Lauren Grinder purchased the house from Smart Development LLC, led by Robert Perry. The deal is funded with a 30-year loan of $500,000 from Arvest Bank.

The residence previously was tied to an August 2019 mortgage of $439,000 held by BancorpSouth Bank of Tupelo, Mississippi.

Smart Development acquired the property for $145,000 in May 2019 from Cassandra Barnett.

Villages of Wellington

A 4,813-SF home in west Little Rock’s Villages of Wellington neighborhood sold for $535,000.

Renjith Paily and Resmi Jose bought the house from Reddy Innovative Builders LLC, led by Mohan Reddy. The deal is financed with a 30-year loan of $415,200 from Simmons Bank of Pine Bluff.

The residence previously was linked with a June 2019 mortgage of $400,000 held by Centennial Bank of Conway.

Reddys purchased the site for $69,000 13 months ago from Randy and Elizabeth Taylor.