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In $20.4M deal, Little Rock apartments sell

by David Smith | July 29, 2018 at 4:30 a.m. | Updated July 30, 2018 at 4:30 a.m.
The Spanish Viento apartments at 5701 Dreher Lane in Little Rock sold recently for a reported $20.4 million.

BBR Oil LLC, an Iowa limited liability company, paid $20.4 million to buy the Spanish Viento apartments in southwest Little Rock and at least three other complexes last month, county records show.

The 109-unit Spanish Viento complex -- formerly the Windamere Apartments -- is at 5701 Dreher Lane in Little Rock. The property includes about 4.5 acres.

The apartments were built in 1972 and appraised at $2.4 million this year. That complex sold for $2.35 million in June last year.

BBR Oil borrowed $11.4 million from West Bank of Des Moines, Iowa, to help finance the purchase. The mortgage, taken out on June 21, matures on Aug. 21.

David Barker is manager of BBR Oil.

Windamere Redevelopment LLC of Addison, Texas, was the seller. A message left with Windamere Redevelopment was not returned. Spanish Viento Windamere Redevelopment was issued a residential building permit in August last year for work totaling $80,000.

The sale also included the Spanish Willows, Spanish Valley and Dreher Village complexes.


A significant renovation helped The Wellington at Chenal apartments sell for $17.8 million last month.

The apartments, built in 1997, are at 15000 Chenal Parkway in west Little Rock. The complex has 176 units.

Wellington Acquisition LLC, a firm in North Kansas City, Mo., bought the apartments. Wellington Prinwood LLC was the seller.

Wellington at Chenal sold for $8 million in 2014 and was appraised at $8 million this year.

Wellington at Chenal was a former tax credit community, said Richard Cheek, who, along with Ted Bailey III, are owners of The Multifamily Group in Little Rock. Cheek and Bailey follow the Pulaski County apartment market and broker multifamily property sales.

"It went through its compliance period and during the compliance period they renovated the interiors up to a Class A standard," Cheek said. "The renovation included exterior and interior work."

The $17.8 million sale price values the 176 units at slightly more than $101,000 each.

The owners enhanced the signs and the property is very attractive, Bailey said.

Wellington at Chenal is across from The Fitzroy Chenal, an upscale 294-unit, four-story complex, Bailey said. The Fitzroy was previously the Madison at Chenal, Bailey said.

Wellington Acquisition borrowed $13.1 million to finance the deal. The mortgage matures in 2028.

Ryan Snyder, vice president of Maxus Realty GP Inc., an affiliate of Wellington Acquisition, signed the mortgage.


Palarm Bayou Farm LLC spent $1.9 million for more than 810 acres in Mayflower last month.

The undeveloped property on Arkansas 365 North last sold for $990,000 in 1997.

Lambert Marshall Jr. incorporated Palarm Bayou Farm last month.

Palarm Bayou Farm borrowed $1.3 million from Brighthouse Life Insurance Co. to help finance the transaction.

Marshall, a member of Palarm Bayou Farm, and Kent Westbrook, as trustee of The Kent C. Westbrook Revocable Trust, signed the mortgage. It matures in 2038.


Gary Fultheim, Judith Brown and the Brown Marital Trust paid $1.3 million for a Dollar General store building at 5023 Baseline Road in southwest Little Rock.

The discount store, built in 2014, has 9,100 square feet and was appraised last year at $694,000.

The buyers are based in Long Beach, Calif. The seller was PB General Holdings Baseline LLC, with Leonard Boen as manager.


Peachtree Opportunity Fund LLC, led by Mark Brown and Jill Judy, paid $787,000 for a downtown apartment building owned by the Arkansas Repertory Theatre last month.

The two-story, 16-unit apartment building is at 315 E. Sixth St. in Little Rock was appraised at $677,000 this year. It last sold for $249,000 in 1992.

The Repertory Theatre used the apartments, built in 1954, to house interns and visiting talent.

Peachtree Opportunity Fund borrowed $756,000 from One Bank & Trust to help finance the purchase.

Brown and Judy plan to use the apartments as a long-term investment, according to a news release from RPM Group, the real estate firm representing Brown and Judy.

Rick Freeling, president of RPM Group Commercial division, said the property was in good condition and required limited rehabilitation.

The Rep said earlier this year that it was suspending operations because of financial difficulties. Theater leaders said last month that the sale of the apartments would cut the Rep's $1.5 million property debt in half.


Diabetes Docs Real Estate LLC invested $695,000 to buy the Market Place Medical Clinic building in west Little Rock.

The one-story clinic, built in 1988, is at 11400 Huron Lane and has almost 7,200 square feet.

The medical office last sold for $464,000 in 1989. It appraised for $857,000 this year.

Dr. Teresa Nimmo Hernandez organized Diabetes Docs Real Estate.

Diabetes Docs Real Estate borrowed about $591,000 to help finance the purchase. James Thrasher, a member of Diabetes Docs Real Estate, is a member of the firm and signed the mortgage, which matures in 2023.


Jacksonville-based Arkansas Federal Credit Union paid $575,000 to buy 1.6 acres along Maumelle Boulevard in North Little Rock last month.

Arkansas Federal plans to use the property to build a branch there, although no immediate construction is planned, said Jeff Hathaway, president of the Hathaway Group, the commercial real estate firm that represented Arkansas Federal in the transaction.

The property is next to a new Popeyes restaurant and near a Walmart Supercenter.

When the branch is built, it will contain a full-service banking facility with drive-thru lanes.

"The credit union has had us evaluating opportunities in the Maumelle area for a long time," Hathaway said. "It eventually became clear that it's time for them to serve the market with a new first-class banking center."

David Elrod of Elrod Real Estate represented the seller. Elrod has assisted the seller with bringing Christian Brothers Automotive and other businesses to the same stretch of Maumelle Boulevard, Hathaway said.

SundayMonday Business on 07/29/2018

*CORRECTION: A recent $20.4 million real estate transaction involving apartments on Dreher Lane in southwest Little Rock included at least four apartment complexes — Spanish Viento, Spanish Willows, Spanish Valley and Dreher Village. An article in Sunday’s editions incorrectly described the properties included in the transaction.


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