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Summit House Receives $10.7M Owner Change (Real Deals)Lock Icon

4 min read

A 165-unit high-rise apartment project in midtown Little Rock weighed in at $10.75 million.

Summit House LLC, an affiliate of DavisRE in Dallas, bought its namesake 14-story project at 400 N. University Ave. The seller is Summit House Apartments Ltd., an affiliate of the Goodman Group in Chaska, Minnesota.

The deal is financed with a five-year loan of $10.5 million from Great Southern Bank of Springfield, Missouri.

The 4.03-acre development also is tied to a May 2002 mortgage of $3.9 million held by Selkirk No. 3 Trust of Santa Ana, California.

The project was acquired for an undisclosed sum in November 1972 from the U.S. Department of Housing & Urban Development.

HUD recovered the property from Paul Kapelow and Lester Gross in March 1968 at a $2.6 million foreclosure sale.

Kapelow and Gross purchased the site for $140,000 in November 1962 from Herbert and Charlotte Storthz.

Retirement Land
A 7.9-acre site for a 130-unit independent living center in west Little Rock tipped the scales at $3.09 million.

Chenal Pines Retirement Community LLC of Lincoln, Nebraska, acquired the land at the northwest corner of Champagnolle Drive and Rahling Road from Deltic Timber Corp. of El Dorado.

Deltic bought the land in December 1956 as part of its purchase of Sparkman Lumber Co., led by Roy and Christine Sturgis. The Pulaski County portion of that transaction encompassed 16,552 acres.

Bear Paw Lots
Future home sites in Sherwood’s Bear Paw subdivision drew a $1.05 million transaction.

Sherwood 2015 LLC, an affiliate of Fayetteville’s Rausch Coleman Homes, purchased 41 lots from Stonehill LLC, led by Andy Collins.

The deal is backed with a $793,612 loan and a $1.5 million construction loan from Centennial Bank of Conway.

The property, once part of the Metropolitan Trust Co. holdings, was assembled as part of two transactions totaling $4,800. The sellers were Davis and Sallie Scott, $800 in January 1926; and E.L. and Maggie Cleveland, $4,000 in November 1926.

Twin Pines Buy
A 49-unit apartment project in southwest Little Rock rang up an $850,000 foreclosure sale.

Velocity Commercial Capitol LLC of Westlake Village, California, bought Twin Pines Apartments at 7510 Geyer Springs Road. The property was recovered from Primecads LLC of Apopka, Florida.

The 3.43-acre development was tied to an August 2015 mortgage of $941,250 held by Velocity Commercial. Primecads entered the ownership picture in June 2013 through an affiliate, Triumph Capital. The property was forfeited in lieu of foreclosure by A.B.E. Holdings LLC of Camarillo, California.

A.B.E. purchased the apartments for $1.57 million in March 2006 from Broadway Manor Apartments LLC, led by Scott Minor.

Therapeutic Sale
A 9,480-SF commercial project in Maumelle is under new ownership after a $610,100 transaction.

PTI Holding Co. LLC and Physical Therapy Institute PLLC, both led by Derek Lagemann and Chris Long, acquired the 100 Commerce Blvd. property from the Louis E. Schickel Revocable Trust.

The deal is funded with a $616,000 loan from Centennial Bank. The 1-acre site was bought for $235,000 in June 1998 from Bob and Shannon Fewell.

KFC Transaction
A 2,700-SF KFC in Maumelle sold for $584,000.

Franchise Management Investors US LLC of Woodstock, New Brunswick, purchased the 20704 Highway 365 N. project from the estate of Jerry Haynie.

The 0.72-acre site was acquired in August 1991 as part of a $215,000 deal with Ray and Geneva Bevans.

Warehouse Deal
A 13,552-SF warehouse in downtown Little Rock changed hands in a $378,000 deal. High Velocity Investments LLC, led by Damon Crawford and Mark Kooms, bought the 813 S. Spring St. project for the new home of its namesake printing and graphics business.

The seller is Haybar Properties LLC, led by Bryan Hosto. The deal is financed with a $475,000 loan from Centennial Bank.

Haybar purchased the 0.32-acre property as part of a $513,000 transaction with the James H. Stevens Trust and the Ellen S. Baldwin Trust.

Garage Sale
A 2,975 service garage in Little Rock’s Hillcrest neighborhood drew a $372,000 transaction.

Hillcrest Ventures LLC, led by Stephen Davis, acquired the Hillcrest Automotive project at 2904 Kavanaugh Blvd. from KJH-2904 Kavanaugh LLC, led by Hal Kemp.

The estate of Joseph Kemp bought the 0.07-acre property for $60,000 in June 1988 from Alex and Linda Nesterenko.

Sologne Manor
A 7,813-SF manor in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development weighed in at $1.55 million.

Joseph and Robin Small acquired the home from Michael and Tina Talbert.

The deal is backed with a 20-year loan of $1.2 million from IberiaBank of Lafayette, Louisiana.

The residence previously was linked with an August 2007 mortgage of $1.5 million held by Centennial Bank.

The Talberts purchased the property for $262,000 in September 2002 from Rick Ferguson Construction Inc.

Heights Home
A 3,544-SF home in the Heights area of Little Rock rang up a $750,000 sale.

Steve Ratcliff bought the house from Judith Baldwin. The deal is funded with a 30-year loan of $674,925 from Bank of America in Charlotte, North Carolina.

The location was acquired for $73,000 in September 1993 from Michael and Kelli Trickey.

Seven-Digit Construction

Blue Cross & Blue Shield    $1,621,313
Remodeling Ninth Floor
601 Gaines St., Little Rock
Baldwin & Shell Construction Co.,
Little Rock

UAMS Ortho Clinic    $1,300,000
10815 Col. Glenn Road, Little Rock
Van Tassel-Proctor Inc., Little Rock

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