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A dozen limited liability companies, affiliated with Canyon View Capital in Santa Cruz, Calif., purchased the 168-unit Highland Pointe Apartments at 100 Commercial Park Court in Maumelle for $25.2 million.
Seller: Maumelle Housing Associates LLC, a subsidiary of Maxus Properties in North Kansas City, Missouri.
Offer in five pieces
Have you heard of five Colorado-based investor groups that have teamed up to buy five downtown Little Rock projects in deals totaling over $18.7 million?
The properties, comprising 123 apartments and two restaurants, were:
► The Clayton on Scott, with 48 units at 915 Scott St., over $7 million.
► The Row at Legion Village, 36 units at 516 Rock St., nearly $4.8 million.
► Mann Lofts, 19 units and Bruno’s Little Italy at 310 Main Street, over $3.2 million.
► Arkansas Democrat Lofts, eight units and Three Fold Noodle at 615 Main St., over $2 million.
► Magnolia Flats, 12 units at 401 E. Capitol Ave., nearly $1.6 million.
The buyers in the five transactions involved three LLCs of the same name in Denver and those in Littleton and Boulder. The sellers in all five transactions were LLCs, led by Chris Moses.
You’ll notice in Real Deals this week that Greg Hatcher, CEO of The Hatcher Agency of Little Rock, bought the nearly 35,000 square foot gay office building at 300 S. Broadway St. in the capital for 1.07 million bucks.
Why? Hatcher tells us he plans to renovate the historic building and move his Hatcher Capital Investments business there.
The project is still in its early stages, but the architects are already working on the plans, he said, with work to start “very soon” to replace the windows and signage.
Hatcher also purchased the smaller adjoining building.
The move is good news for an unsightly block of Broadway. The now vacant building has had its windows smashed on several occasions.
“I drive past it every day,” said Hatcher, whose insurance agency is headquartered nearby at 310 S. Louisiana St. “It drives me crazy, you know, because I want it to be beautiful.”
Hatcher speculates that the project could be completed in a year. He said up to 20 employees could work in the building to begin with.