Dallas firm buys 165-unit apartment building in midtown LR for $10.8M
Summit House LLC of Dallas bought the Summit House Apartments in Little Rock for $10.8 million last month.
The seller was Summit House Limited Partnership, an affiliate of The Goodman Group of Chaska, Minn.
The sale was first reported in the Arkansas Democrat-Gazette on July 15.
Summit House LLC is an affiliate of davisRE LLC, a real estate investment company in Dallas that was formed in 2009. Summit House LLC financed the purchase with a $10.5 million mortgage with Great Southern Bank of Springfield, Mo., that matures in 2022.
The 165-unit, 14-story complex at 400 N. University Ave. was built in 1968. It was appraised at $8.4 million.
The Summit House has 22 studio apartments, 38 one-bedroom units, 70 twobedroom units and 35 threebedroom units.
Berkadia, a New Yorkbased joint venture of Berkshire Hathaway and Leucadia National Corp., represented Goodman in the deal.
“Summit House was a one-of-a-kind investment opportunity to acquire a market rate high-rise in an irreplaceable Midtown Little Rock location,” Patrick Jordan, senior director of Berkadia’s Memphis office, said in a prepared statement.
Attempts to contact Stacey Davis of davisRE for comments about the purchase were unsuccessful.
TWIN PINES FORECLOSURE
Velocity Commercial Capital LLC of Westlake Village, Calif., paid $850,000 to the commissioner in circuit after a June foreclosure auction to buy Twin Pines Apartments, a southwest Little Rock apartment complex. Velocity won a judgment in May in a lawsuit against Primecads LLC of Apopka, Fla., and Chandradat Singh of Jonesboro, Ga. Singh was a managing member of Primecads.
In 2015, Primecads and Singh bought Twin Pines Apartments at 7510 Geyer Springs Road. Velocity Commercial Capital loaned Primecads $941,150 to finance the purchase. Primecads and Singh defaulted on the loan.
Twin Pines, built in 1972, is a 49-unit complex with one-, two- and three-bed-
room apartments.
Velocity is a commercial lender and also an investor in properties, said Dave Metchis, special asset manager for Velocity.
Physical Therapy Institute PLLC and PTI Holding Co. LLC paid about $610,000 for a former cleaners and a fitness center in Maumelle last month.
The building, which was appraised at $1.2 million, is at 100 Commerce Blvd. in Maumelle.
The seller was Louis E. Schickel and Louis E. Schickel Revocable Trust.
Physical Therapy Institute, which financed the purchase with a $616,000 loan from Centennial Bank, was established in 2009 by Derek Lagemann and Chris Long.
Physical Therapy Institute already has a location in Maumelle inside the Elm Croft Assisted Living Facility. It also has locations in Little Rock and Sherwood.
Physical Therapy Institute will keep the location inside Elm Croft, Lagemann said.
Construction at 100 Commerce Blvd. began soon after the sale closed, Lagemann said. Renovation is to be completed at the end of August, with the goal to open on Aug. 28, Lagemann said.
The building, which is 15 years old, was chosen because of its “big open space,” Lagemann said.
It has more than 9,400 square feet.
“That left it up to our imagination what we wanted to do with it,” he said. “Another reason we got it is it has exposure to Maumelle Boulevard. We’re not on Maumelle Boulevard, but you can see it from there.”
Lagemann will start with a physical therapist and a front-office employee at the center.
“We’ll progress accordingly,” he said. “As the clinic grows, we’ll provide more staff there.”
Physical Therapy Institute has physical therapists, occupational therapists and speech therapists, Lagemann said. It also offers personal training and sports medicine.
Franchise Management Investors U.S. LLC bought a KFC in Maumelle for $584,000 last month, one of four purchases by the Canadian company of KFC restaurants in Arkansas.
The other KFCs that Franchise Management acquired last month were in Conway, Clarksville and Russellville, according to its website. Franchise Management is based in New Brunswick, Canada.
The seller of the Maumelle restaurant, built in 1991, was John Green, the executor of the estate of Jerry Nolen Haynie. The KFC was appraised at almost $900,000.
Franchise Management is the largest Pizza Hut franchise operator in Canada and owns more than 300 Pizza Hut, KFC, Taco Bell and Panera Bread locations in Canada and six U.S. states, according to its website.
In May, Franchise Management also bought a KFC in Crossett.
High Velocity Investments LLC paid $378,000 last month for the former home of Joint Clutch and Gear in downtown Little Rock.
The building, which is vacant, is at 813 S. Spring St. It was built in 1975 and has 13,500 square feet.
High Velocity Investments is owned by Damon Crawford and Mark Kooms, who own High Velocity Printing & Graphics in Bryant. The printing company, which does business nationally, specializes in large-format printing, such as vehicle wraps, wall murals, window graphics and building graphics, Crawford said.
High Velocity Printing, which does business as Velocity Graphics, plans to move into the former auto shop on Spring Street early next year after renovation is completed, Crawford said. The company is undecided about keeping the Bryant office, Crawford said.
“We’re moving closer to Little Rock to better serve our central Arkansas customers and expand our operations,” Crawford said.
High Velocity financed the purchase with a $475,000 mortgage with Centennial Bank.