The developer behind the Village at the Gateway residential development in Little Rock has completed a sale of property at the development for a total of $43 million in two separate transactions.
The transactions completed in December and March will help allow the Big Rock Village LLC to expand its concept of leasing one- and two-story townhomes as an alternative to apartment living to another 23 acres, said Bob Francis, who organized the limited liability company and its predecessor, Big Rock Development LLC.
Village at the Gateway is off Vimy Ridge Road and adjacent to the the retail and entertainment district anchored by Bass Pro Shops at the Interstate 30/ Interstate 430 interchange in Little Rock.
Big Rock completed the second transaction on March 1 with five limited liability companies connected to Jackson, N.J.- based Advanced Precision Group, but the $20.4 million sale wasn't filed with the assessor's office until May 12.
In December, Big Rock received $22.7 million in a transaction with the same five limited liability companies, which are LR Stanford, LR Avenues, LR Dunwoody, LR Audobon and LR S Jr.
Advanced Precision Group describes itself as an "expert, hands-on multifamily property management" company.
The property wasn't for sale, Francis said.
"They just came in and offered us," he said. "We elected to take it because it was a good offer. It worked out fine."
The transactions involved 327 lots, according to Francis. He said he isn't finished building in the area.
"There's still more to go," Francis said. "We're on 37 acres and we're adding more -- the 23 acres we have next door to us."
That property, purchased for $1.4 million in 2016, has room for 120 lots, he said.
Francis said he will build with the same "home without the hassle" concept that he and business partner Russ Huckaby said was an alternative to traditional apartment complexes, where renters typically have someone living above or below them and don't have reserved or covered parking unless they pay extra.
The townhomes are duplex-like in that they share a fire wall. Each has its own garage. The development also has a three-story clubhouse, pool, fitness center, pet park and other amenities.
"It's been very successful," Francis said.
Huckaby, meanwhile, may pursue a similar but not identical concept on acreage behind the Village at the Gateway, according to Francis.
"I've been staying busy with a bunch of things," he said. "It will be fun to watch this happen."