Paradise-Phoenix Properties, a limited liability company, invested more than $1.3 million last month to buy mobile-home parks in Jacksonville.
Included in the sale were 65 spaces in Phoenix Mobile Home Park at 2205 Green Acres Road in Jacksonville and 37 spaces at Paradise Village Mobile Home Park at 300 Taylor St. Also included in the sale was 11 acres at the parks.
Attempts to reach Dennis Downing, the incorporator of Paradise-Phoenix Properties, were unsuccessful.
The appraised value of the property was about $845,000.
The seller was Paradise & Phoenix Mobile Home Parks, led by John O'Sullivan Jr.
O'Sullivan originally borrowed about $372,000 from Dennis Stroh in 2015. Downing agreed to take over the loan from O'Sullivan. Stroh also agreed to the transfer.
Paradise & Phoenix Mobile Home Parks paid $900,000 for the parks in 2014.
It is not known whether the mobile homes in the parks were part of the purchase or whether the mobile home sites will be leased to mobile home owners, said J.D. Harper, executive director of the Arkansas Manufactured Housing Association.
And there is a possibility that the property could be redeveloped completely, said Harper, who was unfamiliar with the transaction.
SHERWOOD LOTS
Rausch Coleman Mid-Ark LLC, which was incorporated in 2005, bought 36 lots from Trammel Phase II LLC for $1.1 million last month.
Rausch Coleman and Trammel are affiliated companies. Trammel Estates is a housing subdivision under development in Sherwood.
First National Bank of Fort Smith lent Rausch Coleman $907,000 to help finance the purchase. The mortgage matures in 2020.
Rausch Coleman Homes is the largest homebuilder in Arkansas, with homes in Northwest Arkansas, Sherwood, North Little Rock, Cabot, Beebe, Bryant, Alexander, Conway and Jacksonville. It opened a branch in Jonesboro in the past year.
David Frye, an executive with Rausch Coleman, is also manager of many of Rausch Coleman's affiliated companies.
Rausch Coleman, which starts about 400 houses a year, has been in business for 60 years and has built more than 20,000 houses. It also builds houses in the Kansas City, Mo., area; Oklahoma City; Tulsa; the Birmingham, Ala., area and in Texas.
PARK PLACE
Park Place Apartments in downtown Little Rock sold last month for $850,000 to Mac Park Place LLC, led by Joshua and Jennifer Malone of Alexander.
Sitting at 916 Commerce St. in the historic Quapaw Quarter district, the four-story multifamily property is 22,456 square feet and includes 27 apartments consisting of one, two and three bedrooms.
The apartments were built in 1949.
Rick Freeling, president of RPM Group Commercial division, represented the buyer.
The seller was Artist Place LLC, which was incorporated in 1999. Janet Dillon is president of Artist Place, and Tim Heiple and Fred Gray are members.
The property was completely remodeled after a fire destroyed much of it in 2002.
"At the time of the sale, the property was in excellent condition requiring no immediate rehabilitation," Freeling said. "[Joshua] Malone will do property upgrades as they are needed."
Mac Park Place LLC borrowed more than $670,000 from Arvest Bank to aid in financing the transaction. The mortgage matures in 2023.
The property was appraised at $1.3 million this year.
Park Place Apartments is across from the Arkansas Arts Center and historic MacArthur Park.
The Malones own several other multifamily properties downtown and plan to keep Park Place Apartments as a long-term investment.
CABOT LAND
Central Arkansas Ranch & Timber Co. LLC paid $850,000 for 160 acres on Peters Road in Cabot last month.
The sellers were David and Linda George and the David and Linda George Living Trust.
Tom Salmon incorporated the ranch and timber company in 2012.
About 65 acres is timberland. Most of the remaining acreage is pasture.
Included in the purchase was a single-family home built in 1985. It has about 1,650 square feet.
STAGECOACH WAREHOUSE
Bryant-based Mid Corp. Investments LLC bought a 34,000-square-feet office and warehouse building that was home to N&D Technical Services Inc. and two other storage buildings in southwest Little Rock last month.
Mid Corp paid $830,000 for the buildings at 8717 Stagecoach Road in Little Rock.
One storage warehouse has 7,200 square feet and the other has 2,400 square feet. They were built in 1977.
The sellers were Norman and Deborah Barnett, who founded N&D Technical Services in 1986. N&D specializes in data communication and telecommunication. Since 2006 it also has offered alarm systems.
Mark Middleton is the manager of Mid Corp Investments, and Anita Middleton is the registered agent and tax preparer.
To finance the deal, Mid Corp. borrowed $1 million from Stagecoach Warehouse Properties LLC, led by Jim Pender.
The Barnetts did not return a call seeking comment about the transaction.
VESUVIO BISTRO
The home of Vesuvio Bistro, the Italian restaurant that announced its "retirement" in March, was sold to 1315 Breckenridge LLC last month for $650,000.
Matthew Silk is the incorporator and registered agent of 1315 Breckenridge LLC. The restaurant was at 1315 Breckenridge Drive in the Colony West commercial subdivision.
The building was appraised at $300,000.
The sellers were Ronald, Jeffrey and Christopher Boshears, the Raymond Boshears Non Exempt Trust and the Boshears Exempt Family Trust. The trusts are based in Hot Springs.
SundayMonday Business on 06/24/2018