The Landings at Rock Creek, a 154-unit apartment complex at 13200 Chenal Parkway, sold last month for $10.5 million.
C&W The Landings Apartments LLC and Woodcock Realty Holdings LLC of Midland, Texas, were the buyers.
The Little Rock apartments and 7.4 acres were appraised at $9.6 million this year. They were built in 1983.
The complex includes a clubhouse and a fitness center.
NorthMarq Capital LLC of Minnesota lent the two Texas owners $7.8 million for the purchase.
The original borrower was Landings Acquisition LLC of Missouri. Ryan Snyder, vice president of Maxus Realty General Partnership, a subsidiary of Landings Acquisition, signed the mortgage.
Jason Cannon and James Woodcock, managers of C&W, took over the loan. Woodcock also is manager of Woodcock Realty.
Jay Durrell incorporated C&W and Woodcock Realty in February.
C&W plans to put in more irrigation and add to the landscaping, said Carol Wells, who works in corporate management with C&W Ventures.
"But basically, we'll run it as it has been," Wells said. "It's a really nice property. It was a great purchase."
C&W Ventures will soon have more rental properties in Arkansas than in Texas, Wells said, when it sells two of its Texas complexes.
Five of the properties are in Springdale along with the Landings at Rock Creek in Little Rock, Wells said. After the upcoming sales, the company will have four apartment complexes in Texas.
The properties in Springdale are C&W Cheema Village, C&W Lowell Road, C&W Crutcher Apartments, C&W Powell and C&W Springdale, Wells said.
It's likely the company will consider other acquisitions in Arkansas, Wells said.
C&W The Landings at Rock Creek was the first purchase in Little Rock, Wells said.
"That was the first one but I don't think it will be our last," Wells said. "I just don't know when."
ARROW'S EDGE
AE Sherwood LLC paid $4.1 million to buy Arrow's Edge Apartments, a 118-unit complex, last month.
The apartments, at 300 Indianhead Cove in Sherwood, were built in 1979 on a 4.3-acre tract. They appraised at $4.5 million this year.
The seller was Arrow's Edge LLC. The apartments last sold for $3 million in 2008. Anthony Brooks, manager of Arkansas-based Arrow's Edge, signed the deed.
AE Sherwood of Santa Rosa, Calif., borrowed $2.9 million from Arbor Agency Lending LLC of New York to help finance the purchase. The mortgage matures in 2039.
Forrest Jinks is chief executive officer of Expowth Inc. in California, the general partner of a subsidiary of AE Sherwood. Jinks incorporated AE Sherwood in January.
LAW OFFICE
Shollmier LLC invested $1.3 million to purchase the Roberts Law Firm office building at 20 Rahling Road in Little Rock last month.
The 8,000-square-foot, two-story building was appraised at $1.2 million this year. It was built in 2002.
Michael and Deborah Roberts are members of Arkansas-based Demiro Properties LLC, the seller of the building.
Ken and Linda Sue Shollmier were managers of Shollmier when it was incorporated in 2009. James Hyden incorporated Shollmier.
CABOT CITGO
ARG MECBTAR001 LLC, a New York firm, paid $1.3 million for T Ricks Highway 5 Citgo in Cabot last month.
The seller was Vault CS 9909 Hwy. 5 LLC of Bloomfield, Mich., which bought the gasoline station and convenience store for about $1 million in January.
The 8,000-square-foot store at 9909 Arkansas 5 in Cabot, was built in 1984 and appraised at $450,000 this year. The property is almost 2.5 acres.
Adam Jahnke, an authorized representative, signed the deed for Vault CS 9909.
Michael Anderson incorporated ARG MECBTAR001 in October.
SundayMonday Business on 03/31/2019