Otter Creek Apartments LLC, a Monsey, N.Y., limited liability company, has paid $5.7 million to buy the Cottages at Otter Creek.
The cottages, which were built in 2002 and cover almost 9 acres, are at 1 Quail Run Circle in Little Rock. They include 96 apartments.
The cottages include five identical buildings of 3,778 square feet and 19 identical buildings of 2,580 square feet.
The complex appraised at $6.1 million last year.
The seller was Otter Creek Housing Associates Limited Partnership, which is based in Gardena, Calif. Otter Creek Housing Associates is an affiliate of Highridge Costa Investors, also in Gardena.
Stephen Plunkett, managing member of Mid-South Housing Group, which is the general partner of Otter Creek Housing Associates, signed the deed.
Otter Creek Housing owned the apartments for senior citizens since 2002, Plunkett said.
"It had pretty much run its course," Plunkett said. "It was a tax-credit property. It was syndicated with some folks in California. When the tax credits on a property like this run out, they are usually sold. Sometimes they are refurbished and refinanced, but our partners wanted to sell."
Mid-South Housing Group owned 1 percent of Otter Creek Housing Associates, and SHS Development Partners No. 2 owned 99 percent, Plunkett said.
The buyers plan to keep the apartments, Plunkett said.
"It's been a very successful project and runs in the high 90 percent occupancy rate," Plunkett said.
HOLIDAY INN
The 129-room Holiday Inn at 10920 Financial Centre Parkway in Little Rock sold for $5.5 million last month.
The buyer was Outstanding Hospitality LLC of DeSoto, Texas.
Sai Patel incorporated Outstanding Hospitality last month.
The seller was Westrock Hotels of Little Rock, which bought the hotel in 2011 for $2.8 million. Nayan Nagin, the authorized manager of Westrock Hotels, signed the deed.
The four-story Holiday Inn, built on 3 acres in 1991, was appraised at $7.7 million last year.
LR APARTMENTS
Steve and Kristy Dillman and the Steve Dillman & Kristy Dillman Family Trust paid $680,000 last month for three buildings with eight apartments at 2021 Sanford Drive in Little Rock.
The apartments, built on half an acre in 1978, were last sold for $495,000 in 2007. They appraised at almost $430,000 last year.
The seller was Tolson Investments of Little Rock. T.J. Tolson, president of Tolson Investments, signed the deed.
The Dillmans of Ripon, Calif., borrowed $180,000 from Tolson Investments at 5 percent annual interest.
The Dillmans also took out a no-interest second mortgage for $17,000 that matures in August. The lender was R.A.R. Inc., which does business as Re/Max Affiliates.
Sunday Business on 02/24/2019