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.

Tags: ,


Sign up for the Daily Update email
Favorite

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

  • Where's the outrage?

    Am I the only person, apart from federal prosecutors, outraged about the criminal enterprise that inveigled itself into a privileged position as an Arkansas taxpayer-financed human services provider to the tune, today, of $43 million a year?
    • Jun 21, 2018
  • Where's the outrage?

    • Jun 21, 2018
  • Rutledge opponent hits her socializing with corporate interests

    Mike Lee, the Democratic candidate for attorney general, has criticized Attorney General Leslie Rutledge over recent reports of her participation at private meetings where corporate interests make big contributions to a political group she heads for access to state legal officers.
    • Jun 21, 2018
  • More »

Readers also liked…

  • Arkansas Supreme Court refuses to rehear invalidation of marijuana act

    The Arkansas Supreme Court today denied a request to rehear its decision invalidating Issue 7, the medical marijuana initiated act.
    • Nov 3, 2016
  • Honeymoon appears over for Sarah Huckabee Sanders, Baghdad Barbie of Trump White House

    The reviews aren't kind for Sarah Huckabee Sanders' honesty as White House press secretary
    • Feb 9, 2018
  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation