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Multifamily Sale.

A 20-unit apartment project in Little Rock has sold in a $554,000 deal.

Brad Bell, John Bell, Sammie James, John Reese and Bruce Marchant acquired the project, at 701 S. Elm St., from Stephen and Debra Morrison.

The deal is financed with a five-month loan by First Security Bank of Searcy.

The 0.67-acre development previously was tied to January 1996 mortgages of $200,000 held by Boatmen's National Bank of Arkansas in Little Rock (now Bank of America) and $190,000 held by National Bank of Arkansas in North Little Rock.

The Morrisons purchased the property five years ago from Jonathan and Jullia Foy for $400,000. The Foys bought it in June 1994 from Jay and Barbara Lucas for $350,000.
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Title Annotation:Little Rock apartment project sold
Comment:Multifamily Sale.(Little Rock apartment project sold)
Author:WALDON, GEORGE
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1U7AR
Date:Jan 29, 2001
Words:124
Previous Article:Industrial Transaction.
Next Article:Chenal Valley Home.
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