WW Olympus Chenal, a limited partnership that is an affiliate of Olympus Property in Fort Worth, bought a 216-unit apartment complex in west Little Rock last month for $18.6 million.
"We had tremendous interest in the property," said Ted Bailey III, an owner of The Multifamily Group in Little Rock, which was broker for the seller. "We got numerous, numerous offers in a competitive environment."
The apartment complex, previously known as The Ashburry at Chenal, is now named Olympus Chenal Valley. It is less than a mile from the Promenade at Chenal shopping center, Bailey said.
At $18.6 million, the price averaged $86,111 for each of the 216 units. The three-story complex at 16401 Chenal Valley Drive was built in 1998 and includes fireplaces, porches and car storage areas.
WW Olympus Chenal took out a $14 million mortgage from Berkadia Commercial Mortgage, which has Texas offices in Dallas, Houston, San Antonio and Austin as well as across the country.
The apartments are the first investment that Olympus Property has made in Arkansas. It also owns complexes in Arizona, California, Florida, Georgia, New Mexico, Oklahoma, Tennessee and Texas.
Olympus Property is a private investment group that was founded in 1992. It owns more than 10,000 apartment units valued at more than $1 billion, according to the Olympus website.
Brothers Anthony and Chandler Wonderly, principals with Olympus Property, did not return calls to discuss plans at the complex.
"They are planning to do a major rehab on the property," Bailey said.
The buyers likely will do interior renovations to the units as well as amenity and exterior upgrades to match the complex's location in Chenal Valley, Bailey said.
The seller was MLP LLC, a St. Louis investment firm that developed the property in 1998 and owned the complex since then.
Volvo property
A limited liability company that is an affiliate of McLarty Automotive Group paid $3.6 million last month to buy North Point Volvo on Shackleford Road in Little Rock.
MAG-AR 1500 N. Shackleford LLC bought the dealership from Tait Family Limited Partnership.
The McLarty company and at least eight other affiliated McLarty companies in Arkansas have mortgages totaling more than $35 million with SunTrust Bank in Atlanta.
The sale includes three buildings at the Shackleford address, including the North Point Collision Center.
Mark McLarty, founder of the company, did not return a call seeking comment.
In the past year, the McLarty group has made at least seven acquisitions totaling more than $55 million in the central Arkansas automotive market.
Since 2014, McLarty group, with the backing of billionaire George Soros, has acquired all nine former Asbury Automotive Group dealerships in Arkansas, according to an article in Automotive News. In addition to Soros, other backers of the McLarty group include the families of Pine Bluff drugstore founder Stephen LaFrance Sr. and J.B. Hunt, the article said.
With dealerships in Arkansas and Missouri, McLarty's annual revenue is more than $1.4 billion, the article said. One of the 25 largest automotive companies in the country, McLarty Automotive has about 20 total dealerships and sells auto brands such as Nissan, Volkswagen, Mazda, Honda, BMW, Ford, Lincoln, Toyota, Mitsubishi, Hyundai, Fiat, Chrysler, Dodge, Jeep, Ram and Volvo.
Scenic sale
West Scenic Apartments, a 44-year-old North Little Rock complex, sold for almost $4 million in May, a deal worth more than $28,600 per unit.
The buyer was West Scenic Partners LLC of St. Louis. The seller was Scenic Hill Property Limited Partnership, which bought the apartments for $1.2 million in 2001.
West Scenic Partners have a $4.4 million mortgage on the apartments with Business Bank of St. Louis.
The 138-unit, two-story complex at 605 W. Scenic Drive was built in 1973.
A representative of West Scenic Partners did not return a call seeking comment.
River plot sold
RH8 Investment Riverdale LLC paid $1.4 million for 3.3 acres in Little Rock's Riverdale area.
The seller was River Tower LLC.
Stephen Humphries, the registered agent for RH8, did not return a call seeking comment.
The property covers a block bounded by Canal Pointe, Sand Bar Lane, Riverbend Road and Riverfront Drive.
Dental digs
Hart & Coco Prosthodontics PLLC bought the Hart Building at 8028 Cantrell Road for $665,000 last month.
The one-story building, built in 1983, has about 5,100 square feet. It is less than a half mile from the Hart & Coco office at 2300 Andover Court.
A prosthodontist is a dentist who is trained in cosmetics, dental implants, crowns, bridges and complete and partial dentures.
There is no relationship to the owner of the Hart Building and Dr. Jonathan Hart of Hart & Coco, said Michael Stocking, practice manager for the firm.
Next summer Hart & Coco will begin renovations at the Hart Building with plans to move into the new space by the end of next year, Stocking said.
With the Hart Building, Hart & Coco will double its existing space, Stocking said. And the Cantrell Road location will make the practice more visible, Stocking said.
Office space
KMS Holdings paid $650,000 in May for the offices of financial consultants Chandler Advisors at 32 Rahling Circle in Little Rock.
The sellers were several limited partnerships and limited liability companies.
The office building, built in 2002, has almost 3,800 square feet.
Chandler Advisors is affiliated with Weise Capital & Risk Advisors of Brentwood, Tenn.
North shore property
A building at 7324 Cock of the Walk Lane in North Little Rock sold for $524,000 in May.
Ewing Irrigation Products Inc. of Phoenix bought the building, which is near Maumelle Boulevard. The sellers were Troy and Sandra Wilkins.
The 8,760 square foot building was built in 2002.
SundayMonday Business on 07/02/2017