The 260-unit Lakewood Hills Apartments in North Little Rock was sold last month to a Philadelphia firm for $12.7 million.
The apartments are at 2400 McCain Blvd.
SCBP Lakewood Associates, a limited liability company in Philadelphia, bought the apartments from RCP Lakewood LLC. RCP Lakewood paid $8.8 million for the apartments in 2002.
SCBP is an affiliate of Springer Capital in Philadelphia and Brookside Properties of Nashville, Tenn., said Thomas Farnoly Jr., manager of SCBP and a principal with Springer Capital.
Springer buys properties from financially distressed owners, nonstrategic holders of real estate and other motivated sellers, according to its website. Lakewood Hills Apartments is Springer Capital's first investment in Arkansas. It owns about 10 apartment complexes in five states.
To finance the investment, SCBP Lakewood Associates borrowed $15.9 million from Latitude Management Real Estate Capital III Inc. of Beverly Hills, Calif.
Farnoly said SCBP plans to spend about $2 million to rehabilitate the complex, which covers about 14 acres. SCBP will add granite countertops and stainless steel washers and dryers.
"We'll totally redo the exterior and rebrand [the complex] as The Icon at Lakewood," Farnoly said.
SCBP was attracted to the apartments because of the diversity of the central Arkansas economy, particularly the large medical presence, Farnoly said.
"And we liked the location, the visibility on McCain and [North Hills Boulevard]," Farnoly said.
CHAPEL RIDGE
North Little Rock Investors LLC, a limited liability company based in Springfield, Mo., paid $8.3 million for the 172-unit Chapel Ridge Apartments last month.
The seller was North Little Rock Housing Associates Limited Partnership.
The apartments, at 5900 McCain Place in North Little Rock, sit on 17 acres and were built in 2005. The apartments were most recently appraised at $6.4 million.
North Little Rock Investors is affiliated with Wilhoit Properties in Springfield. Wilhoit also owns apartments in northeast Arkansas and in North Little Rock, as well as properties in at least 12 other states.
North Little Rock Investors took out a $6.6 million mortgage from SunTrust Bank of Atlanta. Vaughn Zimmerman is manager of North Little Rock Investors.
A spokesman with Wilhoit Properties did not return a call seeking comment.
TRINITY VILLAGE
Republic Trinity Village, a limited partnership affiliated with Toronto-based Republic Funds, bought Trinity Village apartments at 1600 John Barrow Road.
Republic Trinity Village paid $3.6 million last month for the 156 units.
The complex, built in 1974, covers about 10 acres.
It was last appraised at $2.2 million. The complex last sold for $2.1 million in 2013.
Republic Funds has invested almost $35 million this year in at least six Pulaski County apartment complexes with a total of more than 1,100 units.
Trinity Village is near another Republic Funds purchase in Little Rock -- the Westbridge Apartments on Labette Manor near John Barrow Road.
GATEWAY HOOTERS
Hagop and Christiane Kouyoumdjian of La Verne, Calif., bought property in Little Rock's Gateway Town Center last month to build a Hooters restaurant.
The couple paid $3.3 million for 1.6 acres and the restaurant at 1 Bass Pro Drive and near the Outlets of Little Rock.
The seller was HOA Restaurant Holder LLC, an Atlanta firm and an affiliate of Hooters of America.
HOA Restaurant Holder bought the property in August for almost $1.4 million.
Hooters is building the restaurant on the property, said Hagop Kouyoumdjian. He will lease the building to Hooters, Hagop Kouyoumdjian said.
The Kouyoumdjians took out a mortgage of more than $2.1 million with Stearns Bank of Scottsdale, Ariz.
The property appraised for about $711,000.
Hooters also has Arkansas restaurants in North Little Rock and Fort Smith.
APARTMENTS SOLD
Van Geuns Properties LLC of Little Rock paid almost $1.4 million last month for two apartment complexes with a total of 30 units.
One is the 24-unit Mabelvale Apartments at 7414 Mabelvale Pike and the other is a six-unit complex at 3426 Arapaho Trail. Van Geuns also bought an undeveloped 1.2-acre lot at 7404 Mabelvale Pike.
The seller was Town Creek LLC, which bought the two apartment complexes and the property for $250,000 in January. The most recent appraisal put the total value of the apartments and property at more than $987,000.
Van Geuns took out a $1.1 million mortgage with Bank of the Ozarks to finance the deal. The maturity date of the note is Nov. 8, 2020.
LINDA LANE COMPLEX
TCB Investments of Little Rock bought a 20-unit apartment complex last month on 2213 Linda Lane in Jacksonville for $610,000.
The seller was BNT Properties Corp., which bought the apartments for $450,000 in 2007.
TCB Investments borrowed $488,000 from BancorpSouth Bank. The mortgage has a maturity date of next November.
James Hoffman and Brian Teeter are members of TCB Investments.
SundayMonday Business on 12/17/2017