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Wellington Apartments Attract $17.8M Purchase (Real Deals)Lock Icon

4 min read

A 176-unit apartment project in west Little Rock weighed in at $17.8 million.

Wellington Acquisitions LLC, an affiliate of Maxus Properties of North Kansas City, Missouri, bought the Wellington at Chenal Apartments at 15000 Chenal Parkway.

The seller is Wellington Prinwood LLC, an affiliate of Aspen Square Management Inc. of West Springfield, Massachusetts. The deal is financed with a 10-year loan of $13 million from NorthMarq Capital LLC of Bloomington, Minnesota.

The 12.22-acre development previously was tied to a December 2014 mortgage of $8 million held by Lenox Financial Services LLC of Springfield, Massachusetts.

The project was acquired for $8 million in April 2014 from Chenal Park Apartments Ltd. of St. Louis.

Ownership Consolidation
Ownership of a mixed portfolio of Pulaski County real estate was consolidated in a $2.37 million transaction.

The Agnes F. Villiger Revocable Trust purchased sole ownership of three commercial projects in North Little Rock, a 38,520-SF warehouse at 1925 Redmond Road in Jacksonville and a 5,048-SF house in Sherwood’s Overbrook neighborhood from the Josef A. Villiger Family Trust.

The North Little Rock properties were the 28-unit Skyline Apartments at 1570 Skyline Drive, a 7,898-SF Overbrook Office Building at 5515 JFK Blvd. and a 4,164-SF Hangers Cleaners at 4538 JFK Blvd.

The 7.78-acre warehouse development was acquired for $451,000 in February 1974 from Pulaski County Industrial Park Inc., led by W.F. Rector.

The 1.2-acre home site was bought for $25,000 in March 1993 from Metropolitan Trust Co., led by Terry Paff.

The 3.06-acre apartment location was assembled in 1973 in transactions totaling $25,000 with Metropolitan Trust Co., then led by Justin Matthews III.

The 0.92-acre Overbrook office development was purchased for $600,000 in December 1999 from Cooper Realty Investments Inc. of Bella Vista.

The 0.55-acre Hangers development was bought for $250,000 in October 1996 from North Little Rock’s Mercantile Bank of Arkansas.

T-Mobile Transaction
A T-Mobile store in west Little Rock tipped the scales at $1.58 million.

Chinese Orchid LLC of Sacramento, California, acquired the 2,924-SF project at 12211 W. Markham St. from Madison Markham LLC of Issaquah, Washington.

The half-acre development previously was linked with a March 2017 mortgage of $1 million held by Washington Trust Bank of Seattle.

Madison Markham purchased the property for $900,000 17 months ago from Vandervoort Enterprises LLC, led by Blake Price.

Dollar Deal
A Dollar General in North Little Rock drew a $1.22 million transaction.

San Diego investor James Adams bought the 9,230-SF project at 1701 Pike Ave. from PB General Holdings (Pike) LLC, led by Leonard Boen.

The 0.75-acre development previously was tied to an April 2015 mortgage of $816,932 held by Simmons Bank of Pine Bluff. The location was acquired for $198,000 in June 2011 from the city of North Little Rock.

Branch Land
A credit union branch development in North Little Rock is following a $575,000 land deal.

Arkansas Federal Credit Union of Jacksonville purchased the 1.79-acre site near the northwest corner of Maumelle Boulevard and Paul Eells Drive.

The sellers in a 60/40 ownership split are Lilac LLC, led by Andy Collins; and Elrod Real Estate LLC, led by David Elrod.

The land is associated with a $2.3 million buy in September 2006 from David and Rose Wells, Claude Wells Jr. and his wife, Sally, and Stephen Wells.

Ranch Residence
A 4,102-SF home in the Glenn Johnson Ranch neighborhood rang up a $785,000 sale.

Stephen and Gretchen Davis acquired the house from Scott and Michelle Miller.

The deal is backed with a 30-year loan of $628,000 from Wells Fargo Bank of Sioux Falls, South Dakota.

The residence previously was linked with a January 2009 mortgage of $417,000 held by Regions Bank of Birmingham, Alabama.

The Millers purchased the property for $710,000 in March 2006 from Joseph and Brenda Blankenship.

Heights House
A 3,816-SF home in the Heights area of Little Rock changed hands in a $715,900 deal. Derek and Erin Teter bought the house from Richard and Alice Watts.

The deal is funded with a 30-year loan of $522,720 from TIAA Federal Savings Bank of Jacksonville, Florida.

The residence previously was tied to an April 2015 mortgage of $417,000 held by USAA Federal Savings Bank of San Antonio. The Watts family acquired the property for $320,000 in August 2001 from the John F. Trotter Revocable Trust.

Estates Sale
A 3,827-SF home in the Mountain Crest Estates neighborhood of northwest Pulaski County sold for $645,000.

Charles and Tina Kibbe purchased the house from Mohamed Abdelrahman and Reham Wahdan. The deal is financed with a 30-year loan of $453,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a November 2017 mortgage of $350,000 held by First State Bank of Russellville. The location was bought for $123,000 in October 2016 from the Alan Noble Robinson Revocable Trust.

High-Rise Home
A 2,002-SF condo in downtown Little Rock is under new ownership after a $625,000 deal.

The John W. McDonald Revocable Trust acquired the 14th-floor property in the 300 Third Tower from Theseus Holdings LLC, led by Winthrop Rockefeller Jr.

Theseus Holdings purchased the unit for $689,000 in April 2007 from 300 Third LLC, led by Jimmy Moses and Rett Tucker.

Heights House II
A 3,463-SF house in the Heights area of Little Rock drew a $595,000 transaction. Andrew and Lacey Cain bought the house from David and Tabitha Houk.

The deal is financed with a 30-year loan of $595,000 from BancorpSouth Bank of Tupelo, Mississippi.

The residence previously was tied to an October 2016 mortgage of $330,000 held by Arvest Bank of Fayetteville.

The Houks acquired the property for $209,000 in August 2013 from Heather Smith, Sarah Ort and Frederick Ort.

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