F4 Little Rock 2 LLC, an Edmond, Okla., limited liability company, paid $6.1 million to buy the almost 50-year old Cantrell Heights Apartments last month.
The two-story apartments, with 126 units, were built in 1970.
Cantrell Heights LLC, a Little Rock firm led by John S. Bailey, bought the apartments for $4.4 million in 2013. Bailey also is chief executive officer of BSR Real Estate Investment Trust of Little Rock, a public company that began trading on the Toronto Stock Exchange this year.
"Cantrell Heights was an asset owned by Bailey Holding Co. LLC," Spencer Andrews, a spokesman for BSR, said in a written statement.
Bailey Holding Co. is also not part of BSR Real Estate Investment Trust, Andrews said.
"Cantrell Heights Apartments LLC was also managed by Ledic Realty Group, an entity outside of BSR REIT as well," Andrews said.
The apartments, at 6900 Cantrell Road, were appraised at $4.2 million last year.
Tariq Sattar incorporated F4 Little Rock 2 in July.
F4 Little Rock 2 borrowed $5.6 million from Latitude Management Real Estate Capital III Inc. of Beverly Hills, Calf., to help finance the deal.
Cube Enterprises LLC, an Oklahoma firm with Iven Vian as its managing member, is an affiliate of F4 Little Rock 2. Vian and Sattar both signed the mortgage.
In June, F4 Little Rock 1, which is affiliated with F4 Little Rock 2, bought two North Little Rock apartments with more than 200 units for $3.8 million.
FIRST ORION
First Orion HQ LLC paid about $347,600 for the downtown North Little Rock site where First Orion Corp. will build its five story, $10 million headquarters.
First Orion is an Arkansas company that develops and sells software to help cellphone users identify and block unwanted calls.
First Orion HQ borrowed almost $12 million from First Security Bank to help finance the deal, including the purchase of the headquarters site at 520 Main St. in North Little Rock.
The maturity date of the mortgage is in 2025.
Work began this month on the headquarters and North Little Rock's $4 million Argenta Plaza, which will be adjacent to First Orion. Construction on the headquarters and Argenta Plaza should be completed within a year.
Sellers of the property were the city of North Little Rock and the North Little Rock Arkansas Downtown Development Board. The property was appraised at nearly $325,000.
Those signing the deed included Joe Smith, North Little Rock's mayor; Diane Whitbey, North Little Rock's city clerk; and Danny Bradley of the North Little Rock Arkansas Downtown Development Board.
Aaron Peeples is manager of First Orion HQ and Samuel Baxter incorporated the firm in May.
First Orion has about 90 employees in Little Rock and expects to have 180 by the end of this year, Charles Morgan, First Orion's chief executive officer, said when the project was announced in November.
"We expect to grow that at the rate of 50 to 100 [employees] a year beyond that," Morgan said in November.
First Orion also has offices in Seattle, Dallas and London.
First Orion's main client is T-Mobile, one of the largest cellphone companies in the country. First Orion provides scam protection to about 40 million T-Mobile subscribers, Morgan said in November. At the time, Morgan expected that to grow to 70 million T-Mobile subscribers by early this year.
HAYBAR PROPERTIES
Haybar Properties LLC paid $250,000 last month for a medical office building in Little Rock.
The seller was St. Vincent Community Health Service Inc. Chad S. Aduddell is president of St. Vincent Community Health Service.
The building, at 1024 S. Scott St., was built in 1957 and has almost 2,600 square feet. It was appraised at $218,000 last year.
Bryan Hosto incorporated Haybar in 2004.
SundayMonday Business on 08/26/2018