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St. John’s Apartments Sells for $3.2 Million (Real Deals)

5 min read

A 224-unit apartment complex in south Little Rock tipped the scales at $3.2 million.

STJ Redevelopment LLC, an affiliate of Cross Equities of Addison, Texas, purchased St. John’s Apartments at 5001 W. 65th St. The seller is the receiver for St. J Apartments Ltd., Carl Schultz.

The deal is financed with a three-year loan of $4.4 million from American Bank of Commerce in Wolfforth, Texas.

The 13.25-acre development previously was tied to a December 2007 bond issue of $7.9 million through the Pulaski County Public Facilities Board.

Originally led by David Henry, St. J Apartments Ltd. bought Westgate Apartments at 5001 W. 65th St. for $2 million in April 2007 and rechristened the project St. John’s.

The seller was Westgate Apartments Inc., led by Claude Carpenter, Maurice Lewis, Gerald Fisher, Nick Bacon, Ralph Sims, Rex Roark and Austin Hanner.

Home Land

Residential property in Maumelle changed hands in a $3.1 million deal.

Maumelle Ridge 223 LLC, led by Todd Witham, acquired 12 lots in the Ridgeview neighborhood and 223 undeveloped adjoining acres.

The seller is Capitol Development BDF III LLC, an affiliate of The Broe Group of Denver.

The land was part of a $3.7 million transaction with Metropolitan National Bank of Little Rock in December 2012.

The bank recovered more than 275 acres and 61 lots at a $3.5 million foreclosure sale in February 2010 from Capitol Development of Arkansas Inc., led by Howard and Ashley Bloom.

Coolwood Purchase

A 16-unit apartment project in Little Rock is under new ownership after a $1 million sale. 1 Coolwood Drive LLC of Cortlandt Manor, New York, bought its namesake project from Coolwood Properties LLC, led by Chris Ligon. The deal is funded with a 20-year loan of $796,000 from BancorpSouth Bank of Tupelo,Mississippi.

The 0.8-acre development was acquired for $800,000 in April 2008 from Edgar Properties LLC, led by Lauraetta Edgar.

Contiguous Buy

Adjoining commercial projects in Jacksonville rang up an $850,000 deal.

SNR Consulting LLC, led by Ryan Kiser, purchased the 1,864-SF Thai Taste restaurant at 1516 W. Main St., the 6,020-SF retail project at 1525 W. Main St. and the 0.77-acre site of the Phillips 66 convenience store at 1501 W. Main St.

The seller is JY Rental LLC, led by Richard Jones. The deal for the 1.63-acre development is backed with a one-year loan of $722,500 from First Arkansas Bank & Trust of Jacksonville.

The Jones family has owned the land since 1948-49.

Site Purchase I

A 2.37-acre commercial site in Sherwood sold for $544,500.

CKP Commercial Properties LLC, led by Paul and Andrea Wilson, acquired the land near the northwest corner of Highway 107 and Oakdale Road. The seller is 107-Oakdale LLC, led by Byron McKimmey.

The deal is financed with a two-year loan of $435,600 from Arvest Bank of Fayetteville.

The land was purchased in February 2006 as part of an $8.3 million transaction with Metropolitan Land Co., representing the heirs of Justin Matthews and his Metropolitan Trust.

Multifamily Sale I

A six-unit apartment project in the Hillcrest area of Little Rock drew a $450,000 transaction.

S. Anne Goodman bought the 501 Ridgeway Drive project from TA Holdings LLC, led by Todd Anderson.

The 0.32-acre development previously was linked with an April 2006 mortgage of $306,450 held by Summit Bank of Arkadelphia.

The property was acquired for $320,000 in April 2003 from Bek Kaiser and Willis Smith.

Multifamily Sale II

Two apartment buildings in southwest Little Rock changed hands in tandem deals totaling $255,000.

Zdunn LLC, led by Bert and Alephina Zinamon, purchased the six-unit building at 5916 Valley Drive for $155,000 and the eight-unit building at 5723 Valley Drive for $100,000.

The respective sellers are Sunflower Valley LLC, led by George Blevins Jr., and Sanchez Brothers Inc., led by Teresa Jiminez. The Sanchez deal is funded with a $175,000 loan from Centennial Bank of Conway.

The 0.34-acre development at 5916 Valley Drive previously was tied to a June 2012 mortgage of $150,000 held by Arvest Bank. It was acquired for $90,000 in March 2010 from Delta Trust & Bank of Little Rock.

The 0.45-acre development at 5723 Valley Drive was bought for an undisclosed sum in October 2009 from the Arkansas Development Finance Authority.

Site Purchase II

A 1.28-acre commercial site in Maumelle is under new ownership after a $345,000 sale.

Child Development Schools Inc. of Columbus, Georgia, acquired the land near the southeast corner of Maumelle Boulevard and Country Club Parkway from CCP Development LLC, led by Skip Davidson.

The property was purchased in December 2006 as part of a $751,000 deal with North Little Rock’s National Bank of Arkansas.

Hickory Creek Manor I

A 5,300-SF home in west Little Rock’s gated Hickory Creek neighborhood weighed in at $1.05 million.

Cindy and Gautam Gandhi bought the house from Andrew and Lindy Smith.

The deal is backed with a 30-year loan of $945,000 from One Bank & Trust of Little Rock.

The residence previously was tied to an August 2015 mortgage of $595,000 held by Centennial Bank.

The Smiths acquired the location for $190,000 in April 2003 from Rack Holdings LLC, led by Joe White.

Hickory Creek Manor II

A 4,433-SF home in west Little Rock’s Hickory Creek neighborhood rang up a $700,000 sale.

Kyle Knott purchased the house from Gary Duke and Jeffery Chapman.

The deal is financed with a nine-year loan of $489,930 from Little Rock’s Bank of the Ozarks.

The residence previously was linked with a November 2015 mortgage of $151,500 held by Bank of Little Rock Mortgage Corp.

The property was bought for $404,000 in February 2015 from Deutsche Bank Trust Co. Americas, as trustee of a portfolio of mortgage-backed securities.

Woodland’s Abode

A 4,209-SF home in west Little Rock’s Woodland’s Edge neighborhood sold for $555,000.

Fuad Habash and Sara Rassam acquired the house from Lamay-O Inc., led by Bill Martin.

The residence previously was tied to a March 2014 mortgage of $380,000 held by Gibsland Bank & Trust of Louisiana.

The location was purchased for $72,000 in May 2013 from Rocket Properties Inc., led by Lisenne Rockefeller and Ron Tyne.

PV Residence

A 4,400-SF home in west Little Rock’s Pleasant Valley neighborhood drew a $530,000 transaction.

Caleb and Denice Bozeman bought the house from Sharon and James Robinson III. The deal is funded with a 30-year loan of $400,000 from IberiaBank of Lafayette, Louisiana.

The location was acquired for $35,000 in November 1982 from Jimmy and Joyce Greenfield.

Seven-Digit Construction

Martin Knee & Sports Medicine Clinic    $2,109,380
5320 W. Markham St., Little Rock
East Harding Inc., Little Rock

CVS Pharmacy    $1,400,000
1122 S. University Ave., Little Rock
GLR Inc., Dayton, Ohio

Substation Upgrade    $1,173,097
ACH Research Institute
13 Children’s Way, Little Rock
Nabholz Construction Corp., Conway

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