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Real Estate

Longtime owners sell Beacon Hill Apartments for $9.2M last month

The Beacon Hill Apartments at 1801 Reservoir Road sold recently for $9.2 million.

Beacon Hill Little Rock LLC, a Dallas limited liability company, paid $9.2 million last month for Beacon Hill Apartments, which had the same owner for about 28 years.

The sellers, which include partners from around the country, bought the Little Rock apartments at 1801 Reservoir Road in 1989 from the Resolution Trust Corp., the federal entity that oversaw the breakup of savings and loan associations across the country, said Jim Barre, who lives in Northwest Arkansas. The failed FirstSouth Savings and Loan Association of Pine Bluff had been the owner.

"After owning something that long, the ownership group was ready to simplify things," Barre said. "And the market is strong for apartment communities. It seemed like the time was right."

Beacon Hill has 168 units, making the sales price equal to almost $54,800 per unit.

Barre and the other partners in Beacon Hill Inc. kept the apartments in meticulous condition throughout the years, said Ted Bailey III, an owner of The Multifamily Group along with Richard Cheek. Cheek and Bailey represented the sellers in the transaction.

Barre and the other partners owned Beacon Hill but also managed it, Bailey said.

"They put their heart and soul into it," Bailey said. "They had invested quite a bit in maintaining the property, painting, replacing [the air conditioning]. It was one of those pride-of-ownership properties."

The apartments, built in 1985, were appraised at $5.9 million. They sit on about eight acres.

ARA Newmark of Memphis also represented the sellers, Barre said.

The sellers still own apartments in Hot Springs, Conway and Bentonville, Barre said.

The buyer, Beacon Hill Little Rock LLC, is an affiliate of RREAF Holdings LLC in Dallas.

GUESTHOUSE

Midtown Suites LLC bought the GuestHouse Apartments in Little Rock for $1.6 million last month.

Lane Patterson and Matthew Lane are members of Midtown Suites, which helped to finance the purchase with a $1.4 million mortgage from Capital Bank. The mortgage matures in 2022.

The apartments will be renamed Midtown Suites, Patterson said. Midtown Suites are fully furnished apartments with all utilities paid, Patterson said.

"We’re really catering to the medical profession … and outpatients [from nearby hospitals]," Patterson said.

The two-story apartments include 27 units in three buildings, at 115 N. Taylor St., 5511 A St. and 5515 A St. The complex was built in two phases, in about 1955 and then in about 1960, according to records at the Pulaski County Circuit Clerk’s website.

Since Midtown Suites LLC took over the apartments the occupancy has been about 85 percent and is often fully leased, Patterson said.

"We’re going through and remodeling a lot of the units," Patterson said. "They haven’t been cosmetically updated. We’re redoing the grounds, putting in new awnings and signage and marketing."

Management allows 30-day leases.

About three years ago, the owners bought another apartment complex nearby at 121 Jackson St., Patterson said. Those apartments, with 13 units, were renamed Midtown Suites East, Patterson said.

"We just want to expand our footprint in Little Rock and look to other markets," Patterson said. "We want to duplicate the product and the experience."

CHENAL CENTER

LLEJ VIII LLC invested $1.2 million last month to buy property at 15200 Chenal Parkway where the Chenal Park Centre is under construction.

Leonard Boen, owner and principal broker with Commercial Realty LLC in Little Rock, is manager of the corporation.

The seller was Chenal Park Centre LLC.

Chenal Park Centre is a 7,800 square foot shopping center near Kroger and Walgreens in west Little Rock. The center is scheduled to be completed in May, according to a marketing flier.

LLEJ VII borrowed $2.6 million for a construction mortgage from First Community Bank of Batesville. The loan matures in 2022.

LLEJ VIII bought property at the construction site, a spokesman with Commercial Realty said. It also plans to build on one lot of the strip center and have other lots available, the spokesman said.

The spokesman declined to disclose any tenants for the center.

WAREHOUSE SOLD

Canvas Community United Methodist Congregation bought the former Little Rock Vending Co. in downtown Little Rock for $450,000 last month.

The 12,500 square foot building, constructed in about 1930, is a storage warehouse.

The warehouse, at 1107 W. Seventh St., last appraised at $480,000. The church is at 1111 W. Seventh St. in the same block as the warehouse.

The church helped finance the purchase with a $229,000 mortgage with Conway-based Centennial Bank and another loan of $225,000 with Cassineli Inc.

John Forbus and Larry Winters were listed as trustees of the Methodist congregation.

ASKEW CREATIVE

Askew Creative LLC bought a 9,000-square-foot building at 917 W. Markham St. from S & MJ Investments for $343,000 last month.

The two-story building was built about 80 years ago. It is home to law offices and P&P Services, a computer repair and information technology business.

Askew Creative was formed in January with Kate Anderson Askew as manager and lawyer Jess Askew III as a member.

Askew Creative borrowed $274,000 from Simmons Bank to help finance the purchase. The mortgage matures in 2023.

The building was last appraised at $364,000.

The seller was S & MJ Investments LLC, led by members Steven K. Lucchi and Mary J. Lucchi.

Jess Askew didn’t return a phone call seeking comment.

CENTRAK PLANS MOVE

Centark Truck & Equipment Parts LLC paid $302,000 last month for a 40,000 square-foot building at 1028 N. Redmond Road in Jacksonville.

Centark is in the process of moving from its current 20,000 square-foot location at 2602 General Samuels Road in Jacksonville, said Kip Glaze, owner of the truck and equipment business.

"We’ve been blessed," Glaze said in explaining the need for his 3-year-old company to move to a larger building.

He hopes to be moved into the new location by the end of the month, Glaze said.

Glaze’s company sells truck parts and equipment parts, mostly through online sales, he said.

Centark Truck & Equipment Parts LLC borrowed $240,000 from U.S. Bank to help finance its purchase. The mortgage matures in 2023.

SundayMonday Business on 03/18/2018

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