A 312-unit apartment project in west Little Rock tipped the scales at $45.5 million.
Chenal Valley Partners LLC, an affiliate of Covenant Capital Corp. of Nashville, Tennessee, bought The Ridge at Chenal Valley at 5400 Chenonceau Blvd.
The seller in this $45.5 million transaction was MAA Arkansas REIT LLC, an affiliate of MAA in Germantown, Tennessee.
The deal is backed with a 10-year loan of $35.5 million from CBRE Multifamily Capital Inc. of Houston, Texas.
The 25.98-acre site was acquired for $2.6 million in May 2011 from Deltic Timber Corp. of El Dorado.
Towne Centre Sale
A 34,418-SF retail project in Maumelle weighed in at $3.24 million.
12M Commercial Properties LLC of Sallisaw, Oklahoma, purchased the Towne Centre at 115 Audubon Drive.
The sellers are McCarley Family Ltd., led by Anne, Robert and Clark McCarley; the B.B. McCarley Residuary Trust; and the estate of Mildred McCarley.
The deal is financed with a seven-year loan of $2.7 million from Arvest Bank of Fayetteville.
The 4-acre development previously was tied to a June 2014 mortgage of $2.9 million held by First Community Bank of Batesville.
The project was bought for nearly $3.9 million in April 2005 from Phillips Development Corp., led by Chester Phillips.
Timberwood Purchase
A 56-unit apartment project in Jacksonville rang up a $2.6 million sale.
LSC TWA I LLC, an affiliate of C&W Ventures of Midland, Texas, acquired Timberwood Apartments at 207 S. Hospital Drive.
The seller is Timberwood of Jacksonville LLC, led by Darrell Robinson.
The deal is funded with a three-year loan of $2 million from Armor Bank of Forrest City and a $390,000 mortgage carried by Timberwood of Jacksonville.
The 3.14-acre development previously was linked with an August 2018 mortgage of $1.6 million held by Simmons Bank of Pine Bluff.
The complex was purchased for $1.6 million 16 months ago from Timberwood Apartments Ltd. of Frisco, Texas.
Jacksonville Office
A 5,539-SF medical office building in Jacksonville changed hands in a $900,000 transaction.
PRW Properties LLC, led by Patricia Westfall, bought the 291 N. First St. project from the Collins Trust, led by Henrietta Collins.
The deal is backed with a three-year loan of $675,750 from First Community Bank The 0.7-acre location was acquired for $90,000 in November 2002 from First Place Partners, led by James Green.
Office Transaction
A 6,472-SF office building in west Little Rock sold for $825,000.
Blanscet Properties LLC, led by Michael Blanscet, purchased the 5320 Highland Drive project.
The seller is Schoen Properties LLC, led by Scott Schoen.
The deal is financed with a five-year loan of $1 million from First Security Bank of Searcy.
The 0.59-acre site was bought as part of an August 2004 transaction with Pfeifer Family Ltd. No. 2, led by Gene Pfeifer, $360,000; and Jim and Gay Hathaway, $91,000.
Heritage House
A 60-room motel in south Little Rock drew a $600,000 transaction.
CKM Holdings LLC, led by Kasia Pabian, acquired the Heritage House project at 7500 S. University Ave. The seller, Heritage House LLC, led by Nena Nerhan, provided a $500,000 mortgage to fund the deal.
The 6.1-acre development was purchased for $12,000 in July 1994 from the Resolution Trust Corp., as receiver for Western Savings & Loan Association of Denver.
The thrift recovered the property at a $442,855 foreclosure sale in June 1991 from Little Rock Hotel Investors, a California limited partnership.
Restaurant Buy
An Andy’s Frozen Custard redevelopment is in motion after a $575,000 sale.
CISP JFK LLC, led by Mark Crabtree, bought the Captain Hook’s Fish & Chicken project at 6725 JFK Blvd. The seller is Shree Hari Conway Properties LLC, led by Nilesh Patel.
The 0.46-acre development previously was tied to a September 2013 mortgage of $468,000 held by Simmons Bank.
Shree Hari acquired the property for $501,000 more than six years ago from Java Roasting at Indian Hills LLC, led by Richard King.
Bank Branch
A 2,443-SF bank branch in Little Rock is under new ownership after a $415,000 deal.
Bluefin Development LLC, led by Jared Coleman, purchased the former IberiaBank branch at 6420 S. University Ave. from Jimmy and Elizabeth McClanahan.
The McClanahans bought sole ownership of the 1.04-acre property for $89,000 in a November 2011 deal with Maxine McClanahan.
Candlewood Abode
A 5,048-SF home in west Little Rock’s Candlewood neighborhood rang up a $670,000 sale.
The Alan & Elizabeth Pollard Joint Revocable Trust acquired the house from Susan McDougal and Robyn Horn.
The deal is backed with a 10-year loan of $300,000 from Bank of America in Charlotte, North Carolina.
The residence previously was linked with a February 2015 mortgage of $533,000 held by Farmers Bank & Trust of Magnolia.
The property was purchased for $599,000 more than four years ago from the Grismer Living Trust, led by Jane Grismer.
Foxwood Estates
A 4,971-SF home in Jacksonville’s Foxwood Estates neighborhood changed hands in a $555,000 deal.
The Carolyn Gray Trust II bought the residence from Brian and Donna Hagewood.
The property previously was tied to an April 2010 mortgage of $269,000 held by Centennial Bank of Conway.
The Hagewoods acquired the 6.92-acre location for $150,000 in September 2008 from Woodhaven Development Co., led by Jack Wilson.
Woodlands Edge
A 3,920-SF home in west Little Rock’s Woodlands Edge neighborhood sold for $549,000.
Harjot Hunjan purchased the house from Andrew Smith.
The deal is financed with a 30-year loan of $483,450 from Ark-La-Tex Financial Services LLC of Plano, Texas.
The residence was bought for $524,000 in August 2015 from J. Martin Homes Inc., led by Jeffrey Martin.
Longlea House
A 3,437-SF home in west Little Rock’s Longlea neighborhood drew a $530,000 transaction.
Jack Bower II and his wife, Whitney, acquired the house from Kristi Crum. The deal is funded with a 30-year loan of $477,000 from Bank of England.
The residence previously was linked with a July 2018 mortgage of $335,200 held by the bank.
Crum purchased the property for $419,000 17 months ago from Robert and Ladyce Ritchie.
Osage Terrace
A 3,800-SF home in Maumelle’s Osage Terrace neighborhood is under new ownership after a $525,000 sale.
Bernard and Ann McClure bought the house from Hines Homes LLC, led by Brandon and Kelly Hines.
The deal is backed with a 30-year loan of $285,000 from Quicken Loans Inc. of Detroit.
The residence previously was tied to a January 2019 mortgage of $400,000 held by Little Rock’s Bank OZK.
Hines Homes acquired the site for $69,500 11 months ago from Frank Curtis.
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