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story.lead_photo.caption The recently sold Chapel Ridge apartment complex at 10401 Brockington Road in Sherwood has 14 buildings. - Photo by Thomas Metthe

Springfield, Mo., limited liability companies spent $11.4 million to buy a 160-unit Sherwood apartment complex last month.

The LLCs -- Branch at Carson Springs II and Robertson Building -- bought Chapel Ridge of Sherwood, a 14-building apartment complex at 10401 Brockington Road built in 2006.

The two limited liability companies borrowed $9.2 million from Jones Lang LaSalle Multifamily LLC to help finance the purchase.

Vaughn Zimmerman signed the mortgage as manager of Branch of Carson Springs. Bobby G. Robertson Jr. signed the mortgage as member of Robertson Building.

Bobby Robertson Jr. incorporated Robertson Building in August. Zimmerman incorporated Branch at Carson Springs II in July.

The apartments appraised for $7.5 million this year.

The seller was Sherwood Housing Associates Limited Partnership.

In September, a Zimmerman firm paid $3.1 million for the Argenta Square Apartments in North Little Rock.

DAY CARE

Robert J. Zeiler of Little Rock spent slightly more than $1.025 million for the 8,700-square-foot Childcare Network day care center last month.

The center, built in 2000, is at 800 Kirk Road in Little Rock.

Zeiler borrowed $150,000 from Pine Bluff's Relyance Bank to help finance the purchase. The mortgage expires in 2023.

The seller was Bilmor Inc., a Memphis firm that bought the day care center in 2011 for $10,000 more than the recent sale. The property was appraised at $1.4 million this year.

BANK BRANCH

Homail Inc. paid $650,000 last month to Iberiabank for a west Little Rock bank branch.

The branch is at 10900 Colonel Glenn Road. The 1,900-square-foot branch, which sits on about an acre, was built in 2004.

The sale of the branch was part of Iberiabank's branch optimization effort, said Beth Ardoin, spokesman for the bank, based in Lafayette, La.

"We closed branches across our [markets]," Ardoin said. "The industry is shying away from branches and investing in digital delivery options. We continue to serve our clients in Little Rock through our other branches and, of course, through our mobile banking app."

Homail, a Little Rock firm, took out a mortgage with Bank of England to help finance the purchase. Homail has at least 10 loans from Bank of England ranging from $255,000 to $1.3 million.

Homail was incorporated in 2011 by Walid Ismael, who is also president of the company.

Also included among the incorporators of Homail are Vincent Hotho, Hosam Esmail and Steve Hotho. Hosam Ismail is also vice president of the company.

RENTAL PROPERTY

Sundancer LLC bought five houses and six duplexes last month in Little Rock for $590,000.

The properties are on Perry Street, Nichols Road and off Stagecoach Road on Timberland Drive.

Sundancer is led by Mary Nash, its managing member and an attorney in Maumelle.

Sundancer borrowed $590,000 from Searcy's First Security Bank to finance the purchase. The mortgage expires in 2021.

Linda Koubek incorporated Sundancer in 2006.

Nash has bought real estate for years.

"[Investing in] rental property is one of my favorite things," Nash said. "[We like] investment properties like houses, apartments and mobile home parks. Real estate is the best investment I think people can make."

The Nash family owns investment property in Little Rock and North Little Rock, Nash said. Nash estimated her family owns about $2 million in real estate investments.

"Sundancer is our little family plan for the future," Nash said. "My children and grandchildren and real estate move on down the line as life moves along. The fact that I may not be here doesn't mean my kids won't have this business some day down the road."

Sunday Business on 11/11/2018

Print Headline: Two companies shell out $11.4M for central Arkansas apartment complex

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