Foreclosure completed on portion of Valley Heights apartments | Arkansas Blog

Thursday, July 4, 2013

Foreclosure completed on portion of Valley Heights apartments

Posted By on Thu, Jul 4, 2013 at 7:49 AM

VALLEY HEIGHTS APARTMENTS: Second portion of complex has been taken by bank in foreclosure.
  • Arkansas Business
  • VALLEY HEIGHTS APARTMENTS: Second portion of complex has been taken by bank in foreclosure.
News on another troubled Little Rock apartment complex, in addition to Forest Place, where the city has moved to guard against future fires.

Regions Bank was granted a motion for summary judgment on foreclosure yesterday on the second phase of the Valley Heights apartments off Cantrell Road in Northwest Little Rock because of unpaid debt of $4.7 million. Uncertain what plans the bank has for management and resale in the short and long-term.

Earlier, a limited partnership had purchased a 192-unit portion of the property from a bank for $4.4 million. Regions foreclosed on a portion of the project with 72 units.

The city had declared the apartments a public nuisance. Neighbors complained it had become a hotbed of criminal activity. New owners reportedly have moved aggressively to clean up the portion of the property they bought. New owner John Bailey has ended subsidized rentals, performs background checks and otherwise has taken steps met with approval by a neighborhood group. I'm guessing that Bailey, who heads a major apartment development concern, would move to consolidate the properties if a deal can be done.

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