The developer of the Village at the Gateway residential development in Little Rock has closed the sale of the development property for a total of $ 43 million in two separate transactions.
The deals concluded in December and March will allow Big Rock Village LLC to expand its concept of renting one- and two-story townhouses as an alternative to apartment living to an additional 23 acres, said Bob Francis, who hosted the limited liability company and its predecessor, Big Rock Development LLC.
Village at the Gateway is just off Vimy Ridge Road and adjacent to the retail and entertainment district anchored by Bass Pro Shops at the Interstate 30 / Interstate 430 interchange in Little Rock.
Big Rock closed the second transaction on March 1 with five limited liability companies related to Advanced Precision Group, based in Jackson, New Jersey, but the sale of $ 20.4 million was only filed with the office of the appraiser only on May 12.
In December, Big Rock received $ 22.7 million in a transaction with the same five limited liability companies, namely LR Stanford, LR Avenues, LR Dunwoody, LR Audobon and LR S Jr.
Advanced Precision Group describes itself as an “expert and practical multi-family property management company”.
The property was not for sale, Francis said.
“They just came in and offered us,” he said. “We chose to take it because it was a good offer. It worked well.”
The transactions were for 327 lots, according to Francis. He said he had not finished building in the area.
“There is still more to do,” said Francis. “We’re on 37 acres and we’re adding more – the 23 acres we have next to us.”
This property, purchased for $ 1.4 million in 2016, can accommodate 120 lots, he said.
Francis said he would build with the same concept of a “hassle-free home” that he and his business partner Russ Huckaby have said is an alternative to traditional apartment complexes, where tenants usually have someone living above or below them and do not have reserved or covered parking unless they pay extra.
Townhouses resemble duplexes in that they share a fire wall. Each has its own garage. The development also has a three-story clubhouse, swimming pool, fitness center, pet park, and other amenities.
“It’s very successful,” said Francis.
Huckaby, meanwhile, could pursue a similar but not identical concept over the area behind the Village at the Gateway, according to Francis.
“I stayed busy with a bunch of things,” he said. “It will be fun to watch that happen.”