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WLR Apartments Add Up to $32.2M Transaction (Real Deals)Lock Icon

5 min read

Tandem sales of two west Little Rock apartment complexes combined for a $32.25 million transaction.

Shadow Lake Little Rock LLC and Turtle Creek Little Rock LLC, affiliates of RREAF Holdings of Dallas, bought their namesake projects. The seller is LSREF 3 Bravo (Arkansas) LLC, an affiliate of Lone Star Funds of Dallas.

The 296-unit Shadow Lake Apartments at 13111 W. Markham St. was acquired for $17.65 million and the 216-unit Turtle Creek Apartments at 601 Napa Valley Drive was purchased for $14.6 million.

The deals are backed with a three-year loan of $25.8 million from MRED Lending LLC of New York.

The properties previously helped secure a September 2014 loan of $1.35 billion originated by Berkadia Commercial Mortgage LLC of Horsham, Pennsylvania.

LSREF bought the 22.67-acre Shadow Lake development for $26.87 million and the 15.21-acre Turtle Creek development for $13.71 million more than four years ago.

The sellers were G&I VI Shadow Lake LLC and G&I VI Turtle Creek LLC, affiliates of DRA Advisors of New York and Bell Partners Inc. of Greensboro, North Carolina.

Inn Acquisition
A 37-room motel in northwest Pulaski County tipped the scales at $1.16 million.

Tirupati Balaji LLC, led by N.K. Patel, purchased the Days Inn at 7200 Bicentennial Road. The seller is Gayatri Enterprises Inc., led by Tejas Patel.

Gayatri provided a $1.1 million mortgage to finance the deal. The 1.12-acre development previously was linked with a 1996 mortgage of $1 million held by Business Loan Center LLC of Greenville, South Carolina.

The location along Interstate 40 was bought for $104,000 in September 1995 from THA & JDA Development Group, composed of J.D. Ashley Sr. and the Todd Jr. & Brookelynn Ashley Trust.

Multifamily Sale I
A 20-unit apartment project in Jacksonville rang up a $939,000 sale.

TREX MPA & Co. of Carson, California, acquired Linda Lane Apartments at 2213 Linda Lane.

The seller is TCB Investments LLC, led by Brian Teeter.

The deal is funded with a 20-year loan of $502,126 from BancorpSouth Bank of Tupelo, Mississippi.

The 1-acre development previously was tied to a November 2017 mortgage of $488,000 and a December 2017 mortgage of $252,000 held by BancorpSouth Bank.

TCB Investments purchased the property for $610,000 14 months ago from BNT Properties Corp., led by Bill Cobb.

Warehouse Tandem
A pair of 10,816-SF warehouses in Jacksonville drew a $423,500 transaction

Lomanco Inc., led by Chris Grimes, bought the 13 Warehouse Row St. project. The seller is Refrigeration Recycling Inc., led by Leslie Houser.

The 4.14-acre development was assembled in two transactions with John and Lola Lowery, more than $220,000 in April 1985; and Robert and Florine Campbell, $20,000 in July 1988.

Multifamily Sale II
An eight-unit apartment project in North Little Rock sold for $250,000.

New Horizon Properties LLC, led by Shane Mathews, purchased the 103-105 42nd Place project from Marion’s First Community Bank of Eastern Arkansas. The deal is backed with a five-year loan of $325,000 from Arkansas Federal Credit Union of Jacksonville.

First Community recovered the property from Ron Lazenby’s RWL Investments LLC in September 2018 as part of a $1.1 million foreclosure sale.

Physician Space
A 1,867-SF medical office in midtown Little Rock changed hands in a $143,726 foreclosure sale.

Arvest Bank of Fayetteville recovered the fourth-floor space in the Parkview Medical Building at 1 St. Vincent Circle from Dr. Allison Devine and her husband, Marcus.

The property previously was linked with a November 2013 mortgage of $161,368 held by the bank.

The Devines purchased the office space for $175,000 in September 2005 from James Mulhollan.

Residential Swap
A 6,067-SF manor in west Pulaski County’s River Valley View Estates neighborhood is under new ownership in a transaction valued at $1.15 million.

Town Creek LLC, led by Rick Ferguson, acquired the house from Doug and Rhiannon Duke.

The deal is financed with an 18-month loan of $785,000 from Armor Bank of Forrest City.

As part of the deal, the Dukes received a 16-acre residential tract at the west end of Waterview Drive valued at $615,000 from Ferguson’s Waterview Estates Phase III LLC.

The residence previously was tied to a June 2009 mortgage of $417,000 held by Regions Bank of Birmingham, Alabama.

The Dukes bought the location for $129,000 in March 2008 from River Valley Estates LLC, led by Mark Baker.

Heights Residence
A 3,400-SF home in the Heights area of Little Rock is under new ownership after a $581,000 deal.

Phillip and Jordan Burgess acquired the house from Smart Development LLC, led by Robert Perry and Anthony Otwell.

The deal is funded with a 30-year loan of $522,900 from Broker Solutions Inc. of Tustin, California. The residence previously was linked with an April 2018 mortgage of $420,000 held by BancorpSouth Bank of Tupelo, Mississippi.

Smart Development purchased the property for $115,000 nine months ago from Sandra Brown and Marie Boyce.

Maumelle House
A 4,182-SF home in the Maumelle Valley Estates neighborhood drew a $535,000 transaction.

Rick and Rebecca Spugnardi bought the house from the Hughes Revocable Trust, led by Christopher and Julian Hughes.

The deal is financed with a 30-year loan of $428,000 from Arvest Bank of Fayetteville. The residence previously was tied to a May 2016 mortgage of $413,840 held by IberiaBank.

The property was acquired for $518,000 nearly three years ago from Greg and Miranda Simmons.

Pulaski Heights
A 2,662-SF home in the Pulaski Heights neighborhood rang up a $517,250 sale.

Dustin Murphy and Gracen Hauk purchased the house from Trail Run Properties LLC, led by Veronica Battaglia and Christi Willson.

The deal is backed with a 30-year loan of $453,100 from Eagle Bank & Trust of Little Rock. The residence previously was linked with a March 2018 mortgage of $150,000 held by Relyance Bank of Pine Bluff.

Trail Run bought the property for $175,000 11 months ago from Craig and Shyron Cox.

Downtown Condo
A 1,563-SF high-rise home in downtown Little Rock changed hands in a $500,000 deal.

Johan Remoy III acquired the 16th-floor condominium in the River Market Tower at 315 Rock St. from Edward and Shannon Hoey. The deal is funded with a 30-year loan of $400,000 from Regions Bank.

The residence previously was linked with a March 2011 mortgage of $320,000 held by Arkansas Federal Credit Union.

The Hoeys purchased the property for $470,000 nearly eight years ago from River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

Rural Residence
A 4,676-SF home in northwest Pulaski County is under new ownership after a $500,000 sale.

Brian Carney bought the 24.4-acre residential spread from Sheree King.

The deal is backed with a 30-year loan of $300,000 from Quicken Loans Inc. of Detroit.

The property was acquired for $450,000 in September 1997 from Arthur and Maxine Richie.

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