Airport Motel Lands $2.6 Million Sale (Real Deals)

Apartment Transaction

A 118-unit apartment project in Sherwood tipped the scales at $3 million.

Five Acres LLC, led by Anthony Brooks, Roland Bizzell and Jeffrey Scaccia, bought Arrow's Edge Apartments at 300 Indianhead Cove. The seller is Arrow's Edge Apartments Ltd., led by Mary Green.

The deal is financed with a three-year loan of $2.77 million from Capital Bank of Little Rock. The 4.3-acre development previously helped secure a January 2007 mortgage of $12 million held by RAIT Partnership Ltd. of Philadelphia.

The project was purchased for $1 million in April 1991 from the Federal Deposit Insurance Corp. as receiver for FirstSouth of Pine Bluff.

Lodging Sale

A 110-room motel in east Little Rock changed hands in a $2.6 million deal.

Skybird Lodging LLC, led by Naresh Patel, acquired the Days Inn & Suites at 3200 Bankhead Drive. The seller is Arkansas Hospitality Inn Inc., led by Mohammad Ramji.

The transaction is backed with a five-year loan of $2.75 million from Summit Bank of Arkadelphia. The 2-acre development previously was linked with November 2004 and March 2005 mortgages totaling $1.6 million held by Wallis State Bank of Wallis, Texas.

AHI bought the project for $2 million in September 1998 from Little Rock Inn Inc. of Oklahoma City.

Engineering Purchase

An engineering project in southwest Little Rock is under new ownership after a $1.2 million sale.

Grubbs Hoskyn Barton & Wyatt Inc., led by John Hoskyn, purchased the property at 1 Trigon Place. The seller is R.W. Butler Family Ltd., led by John Eaton.

The 2-acre development was acquired for $664,000 in November 1998 from Jimmy and Louise Rhodes.

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