Illinois company buys LR apartments for $54,700 per unit
Illinois limited liability company i3 Northwest Holdings paid $7 million last month for the Northwest Hills Apartments in west Little Rock.
The 128-unit apartments at 11701 Mara Lynn Drive were built in 1983. The apartments sold for $54,700 per unit.
The seller was Maxus Properties of North Kansas City, Mo., through its subsidiary, MLake 21 LLC.
Northwest Hills Apartments appraised for $5.3 million last year. Maxus bought the apartments for $5 million in 2011. The apartments sold for $4.1 million in 1984.
Northwest Hills is comprised of at least five buildings covering more than eight acres.
Ryan Snyder, manager of Westmont, Ill.-based MLake 21, signed the warranty deed. Peggy Sim incorporated i3 Northwest Holdings in October.
The Multifamily Group, owned by Richard Cheek and Ted Bailey III, represented Maxus Properties. Cheek and Bailey follow the Pulaski County apartment market and broker multifamily sales.
The sale went through a formal marketing process, Bailey said. “We had an offer deadline and got several offers,” he said.
Maxus then had a “best and final” round, which left about five bidders, Bailey said. i3 Northwest Holdings had the highest bid.
The Little Rock apartment market has been active this year, Bailey said. Buyers of Little Rock apartments like the city and the fact that it’s a capital city, he said.
Being a capital city provides stability because of government employment, Bailey said. “And a huge industry is healthcare,” he said.
Some of the Maxus-owned apartments in Arkansas include the Glen at Polo Park Apartments in Bentonville, Wellington at Chenal Apartments in Little Rock, Foothills Apartments in North Little Rock and Highland Pointe Apartments in Maumelle.
SHERWOOD FURNITURE
Jackson Street Group LLC invested $1.8 million to buy the home of a furniture store in Sherwood last month.
Jackson Street bought the building for Furniture Factory Outlet, better known as FFO, at 6527 Warden Road in Sherwood. The store, which was built in 2002, covers about 25,200 square feet.
The warehouse showroom was appraised at $1.4 million last year.
The seller was FFO Wichita Partners.
Jackson Street borrowed $1.6 million from Pine Bluffbased Relyance Bank to help finance the purchase. The mortgage matures in 2023.
Matthew Lane, manager member of Jackson Street, and Lane Patterson, a member of Jackson Street, signed the loan documentation.
Patterson incorporated Jackson Street in 2014. Lane is registered agent for the firm.
Jackson Street also sold the 14-unit Jackson House Apartments to Bottoms Up Real Estate Investments for about $900,000 last month.
FRITO DISTRIBUTION
Birmingham, Ala.-based company 4 Production Drive LLC bought a Frito Lay distribution warehouse last month.
The 39,000 square-foot facility, built in 1987, sold for $1.2 million. It appraised at $1.7 million this year.
The Frito-Lay distribution center and adjoining property cover six acres.
The seller was Rolling Frito-Lay Sales Limited Partnership.
Betsy Power, an authorized signatory, signed the warranty deed for Rolling Frito-Lay Sales, a Dallasbased firm.
Stephen Robison incorporated 4 Production Drive in October.
CABOT WAREHOUSE
Abundant Blessings/ The Bridge Church Inc. paid $715,000 to buy a 6,000 square-foot storage warehouse in Cabot last month.
The metal building at 6702 T.P. White Drive was built in 2001.
Also included in the purchase was an 8,250 squarefoot service repair garage at the same address that was built in 2009.
A third 2,200 square-foot building at 6814 T.P. White Drive in Cabot was also included in the purchase.
Mid South Properties LLC was the seller and Minor Booth, managing member of Mid South, signed the warranty deed.
Terri Madding and Steve McCuin incorporated Abundant Blessings/The Bridge Church in October.
The buildings appraised for $1.2 million this year. They last sold for $250,000 in 2005.