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.

Advertisement

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.

Advertisement

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.

Arkansas Times: Your voice in the fight

Are you tired of watered-down news and biased reporting? The Arkansas Times has been fighting for truth and justice for 50 years. As an alternative newspaper in Little Rock, we are tough, determined, and unafraid to take on powerful forces. With over 63,000 Facebook followers, 58,000 Twitter followers, 35,000 Arkansas blog followers, and 70,000 daily email blasts, we are making a difference. But we can't do it without you. Join the 3,400 paid subscribers who support our great journalism and help us hire more writers. Sign up for a subscription today or make a donation of as little as $1 and help keep the Arkansas Times feisty for years to come.

Previous article Political Animals Club set to discuss 2014 elections Next article Boston paper reports on bicycle accident near McCrory