Whisenhunt Sells 38 Residential Lots
by July 20, 2012 1:33 pm 108 views
The first sell-off to follow last spring’s multimillion-dollar commercial real estate acquisition in Benton County was completed recently.
Walkers Grove LLC is the new owner of 38 residential lots totaling 15.55 acres in The Grove addition of Rogers at the corner of Laurel and Dixieland roads. The cash transaction totaled just over $900,000.
Little Rock developer Joe Whisenhunt purchased the acreage in March, part of a 119-acre block of land extending south to Pleasant Grove Road and Pleasant Grove Cemetery. The remaining 103.62 acres are commercial components.
In total, Whisenhunt Investment Group acquired three chunks of improved but vacant land totaling 375 acres for $19 million, all of it near the Interstate 540 corridor and all of it in the OREO — other real estate owned — portfolio of Bank of America.
The all-cash deal was completed March 9. The land was forfeited or lost by previous ownership groups through foreclosure to BOA.
Centerton homebuilder Sean Morris heads Walkers Grove. He teams with ARC Walker Construction Co. to do business as Walker & Associates Realtors.
Morris said he had been talking to BOA since November about purchasing the lots. He maintained conversations with Whisenhunt after the WIG acquisition.
“[Whisenhunt] didn’t really want those residential lots, it’s just the way it was being packaged by Bank of America,” Morris said. “We think it’s a good area and it’s convenient. From what I understand, we weren’t the only ones trying to buy it.”
Morris said he hopes to begin the first six starts by early August. Though still working through a few details, homes will range in price from $199,000 to $250,000. Sizes will be between 2,200 and 2,600 SF.
As for other imminent deals involving Whisenhunt land, WIG chief operating officer Johnny Kincaid said there are none.
“I get a lot of phone calls every week and I make note of who they are, but we’re a long-term holder and we want to develop it all,” he said. “We’re trying to get the land cleaned up and make it more marketable and wait for the uptick. We think it’s coming.”