REAL ESTATE TRANSACTIONS

Two Little Rock apartment complexes sold in $17M deal; undeveloped Chenal Parkway property sold

A Canadian firm paid $11 million last month for the 258-unit Spanish Rock Apartments at 11300 Mesa Drive in the Markham Mesa subdivision.
A Canadian firm paid $11 million last month for the 258-unit Spanish Rock Apartments at 11300 Mesa Drive in the Markham Mesa subdivision.

Affiliates of Toronto-based Republic Funds paid $17 million last month to buy two Little Rock apartment complexes with a total of 482 units.

Republic Spanish Rock, a limited partnership, paid $11 million for the 258-unit Spanish Rock Apartments in the Markham Mesa subdivision. Spanish Rock is the combination of several complexes from eight units to 162 units.

Another limited partnership, Republic Spanish Jon, paid $6 million for the 224-unit Spanish Jon Apartments at 5001 W. 65th St.

Pete Hartnett, senior vice president of Dallas-based Rowan Properties, represented Republic Funds as well as the "large Texas-based seller that owns thousands and thousands of Class C units," he said. In an interview, Hartnett declined to identify the Texas seller.

Both properties underwent significant interior and exterior renovations, which were completed before the sale, Rowan Properties said in a news release.

Spanish Jon Apartments had a low cost housing program agreement that provided rental housing to low-income households. Spanish Jon's original owners were awarded $3 million in tax credits, Hartnett said. There are about $500,000 in tax credits remaining, which were transferred to Republic Funds, Rowan Properties said.

Both properties were about 85 percent occupied at the time of the sales, Hartnett said.

Spanish Jon financed the purchase with a $5 million mortgage with Mountain C.I. Holdings Limited. Republic Spanish Rock took out an $8.8 million mortgage with Hunt Mortgage Capital LLC.

Spanish Jon was built in about 1972. Spanish Rock Apartments were built in the early 1980s.

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CHENAL PROPERTY

Chenal Park Centre LLC paid almost $1.6 million to buy about six acres of undeveloped land in west Little Rock.

The property is on Chenal Parkway south of the Wellington at Chenal Apartments and east of The Pharmacy at Wellington.

The seller was CP LLC. James Dietz was a managing member of CP LLC, which had owned the land for more than 12 years.

The land was last appraised at almost $1.3 million.

BUILDERS BUILDINGS

Associated Builders & Contractors of Arkansas bought the site of a former restaurant and storehouse in North Little Rock last month for $535,000.

The builders organization, a chapter of a national trade association, plans to use the two buildings for a new headquarters and a workforce development training center, said Bill Roachell, president of the Arkansas chapter.

The buildings, which have a total of 12,000 square feet, are on Collins Industrial Place in North Little Rock, just down the street from the builders' current office.

The front building will be the group's offices, with training rooms and a conference center that will seat about 60 people, Roachell said.

Classes have already started in the workforce training center, Roachell said.

The builders' association plans to move into its new office early next year, Roachell said.

Associated Builders & Contractors took out a $720,000 mortgage with Arvest Bank with a maturity date of 2022.

The seller was Martha J. Kierre and Martha Jean Kierre Irrevocable Trust.

Kierre owned the popular Kierre's Kountry Kitchen at the location from 2000 to 2013, she said.

"We had a fantastic business but it just got to be more than we could handle," Kierre said.

Kierre leased the location to another restaurant for about a year before it closed.

CEDAR STREET APARTMENTS

Pulaski Heights Land Company LLC paid $410,000 last month for a four-unit rental property at 711 N. Cedar St. in Little Rock's Hillcrest neighborhood.

The two-story property was built more than 55 years ago.

Doug Martin, the registered agent for Pulaski Heights Land Company, did not return a call seeking comment.

The seller was Sarah Causbie and the Sarah E. Cole Causbie Living Trust.

The building last sold for $64,000 in 1988.

MINI MART SALE

Robinson Street Properties LLC paid $375,000 last month for the former Shackleford Mini Mart at 1414 N. Shackleford Road in Little Rock.

The store, with almost 2,500 square feet, is vacant.

First Community Bank of Batesville loaned Robinson Street Partners $352,000 with a maturity date of 2022.

The seller was Zidan Suid and Samar Swaid.

The property sold for $360,000 in 2011. It was appraised at about $320,000.

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