Windamere Redevelopment paid $2.4 million for the 109-unit Windamere Apartments in southwest Little Rock in June.
The price for the two-story apartment complex, built in 1972, was about $21,500 per unit.
Windamere Redevelopment is affiliated with Cross Equities LLC of Addison, Texas.
Cross Equities will do an extensive rehabilitation of the Windamere Apartments, which are at 5701 Dreher Lane, said Mac Duncan, vice president with Cross Equities.
“We’ll do complete redos from outside to inside,” Duncan said. He estimated Cross Equities would spend more than $1 million on the Windamere renovations.
Cross Equities recently acquired about 1,000 units of multifamily housing in the Little Rock area, Duncan said.
“We like Little Rock,” Duncan said. “The community is great.”
Cross Equities mainly does apartment acquisitions in Texas, particularly in the Dallas and San Antonio areas, Duncan said.
HOTEL SOLD
Markham House Suites were sold last month to LR Markham Hotel LLC for $2.3 million.
The seller was S&B Corp. The motel, at 5120 W. Markham St., was bought by S&B Corp. for $930,000 in 2002.
LR Markham Hotel is affiliated with Conway Management Inc. in Conway, an investment firm primarily focused on hotel development, management and consulting, according to its website.
Nick Sitaram is director of development and operations at Conway Management. Renovations at the hotel have already started, from more hotfood selections at the breakfast bar to upgraded exterior paint and hardwood floors in rooms, Sitaram said.
Markham House bills itself as an extended-stay motel for medical guests, patients and their families. It has 73 rooms and is within a half-mile of UAMS Medical Center and CHI St. Vincent Infirmary.
That was the attraction for Conway Management, Sitaram said.
“We have had an interest in the Markham House Suites for a number of years,” Sitaram said. “Being close to numerous hospitals and being centrally located near major developments in midtown were the biggest draws to us.”
Conway Management financed the Markham House purchase with two loans from from First Arkansas Bank & Trust in Jacksonville, one for $2.4 million and one for $475,000.
COFFEE SHOP SOLD
Self Properties, a limited liability company in Los Angeles, bought a Starbucks coffee shop in Maumelle for almost $1.7 million last month.
The seller was Allen Kushynski and the Kushynski Family Trust.
The Starbucks, at 105 Commons Drive, was sold to the Kushynski Family Trust for slightly more than $1.1 million in 2009.
THRIVE ARGENTA
Thrive Argenta LLC, the corporation preparing to build a 162-unit apartment complex in downtown North Little Rock, paid Mill LLC $1.4 million for a temporary construction-easement agreement.
Construction should begin on the $16 million, threestory complex this year. The complex will be between East Fourth and East Fifth streets, one block off Main. The builder will be ERC Building Co. of Fort Smith.
Thrive Argenta took out a $13.2 million loan from First National Bank of Fort Smith.
The city also has dealt with the abandonment of easements along the property by Sprint Corp. and Union Pacific Corp.
The apartments will fit with the city’s vision for development in downtown. Similar Thrive developments are in the downtowns of Bentonville and Jenks, Okla.
BIG ROCK SALE
CJK Apartments LLC-HEK Investments LLC, a La Palma, Calif., firm, bought a Hardee’s restaurant in southwest Little Rock last month for $1.4 million.
The seller was Big Rock LLC.
The restaurant is at 8703 Geyer Springs Road.
Big Rock bought the restaurant for $350,000 in August.
The restaurant originally was a Wendy’s owned by the late Gerald Hamra of Little Rock, one of the most successful Wendy’s operators in the country.
FRIED CHICKEN
KFC Rock LLC, an Edmond, Okla., firm, spent almost $1.2 million last month to buy lot at 100 Markham Park Drive in Little Rock that had been the location of a Kentucky Fried Chicken.
The seller was Mumtaz Tabbassum, who bought the restaurant in May 2016 for $839,000.
The restaurant, built in 1987, was destroyed by a fire in March.
NLR BUILDING
RMG LLC bought a 7,000-square-foot building last month on Maumelle Boulevard in North Little Rock for $684,000.
The seller was Tri-Tel Communications Inc. The building, at 9307 Maumelle Blvd., was built in 1997.
Ryan Roth, a Hot Springs chiropractor, is the incorporator of RMG LLC.
NEW SUBDIVISION
Cypress Bay Development LLC paid $580,000 last month for property in Maumelle and North Little Rock for development of a new subdivision.
The seller was Country Club Development LLC. The property is near the Maumelle youth sports parks.
The transaction was between two affiliated companies, said Tommy Wright, who owns John Wright Construction Co. of Maumelle.
Wright, Jack Wilson of construction firm Woodhaven Homes Inc. and investor Ronnie Shrader own both companies, Wright said.
The new subdivision, as yet unnamed, is the 24th that Cypress Bay has developed in Maumelle, Wright said. It has developed 1,600 lots in the city, Wright said.
Cypress Bay financed the purchase with a $375,000 loan from Centennial Bank.
DAY CARE CENTER
Little Scholars Academy of Maumelle West Campus LLC bought the building where a day care center has been operating at 112 Audubon Drive in Maumelle for $500,000 last month.
Hayden and Co. was the seller.
Michael Johnson now owns the 6,400-square-foot day care center, which was built in 2005. He had been leasing the building since 2010, he said.
Little Scholars Academy took out a $408,000 mortgage with Eagle Bank & Trust Co. of Little Rock.
Buying the building “was something we had been working for for quite some time,” Johnson said.
He also owns the Little Scholars Academy’s east campus at 10910 Maumelle Blvd., Johnson said.
Each day care center has a capacity of about 100 children. Johnson also has an event center within the Little Scholars Academy’s east campus, which previously was home to a skating rink and a church.