A Montgomery, Ala., real estate development firm has acquired the 216-unit Anderson Chenal Valley apartment complex in west Little Rock for $25.5 million.
The deal by B&M Property Management Co., through Chenal Valley-Orchard LLC/Foxwood LLC, marks the third high-end apartment complex it has acquired in the market. The transactions total $82 million.
John Blanchard is the owner and partner of B&M, which was founded in 1993 and focuses on properties in southeastern markets. The company has more than 9,000 apartment units totaling $600 million with an investor pool of 200 people.
B&M also acquired two other west Little Rock apartment complexes on July 18 through separate limited liability companies.
They included the Carrington Park apartments, a 202-unit complex near Rahling and Kirk roads, for $26,250,000 and the Stonebridge at the Ranch apartments, a 259-unit complex in The Ranch development on Cantrell Road, for $30,250,000.
The seller in both cases were limited liability companies tied to Independence Realty Trust, a real estate investment trust in Philadelphia.
-- Noel Oman
15-, 30-year rates for mortgages fall
WASHINGTON -- U.S. mortgage rates turned down this week, lowering the cost of purchasing a home and supporting the housing market.
Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage fell to 3.66% this week from 3.75% last week. The average 15-year rate declined to 3.15% from 3.2%.
Rates have fallen sharply in the past year. The National Association of Realtors said Thursday that home sales in October rose 4.6% from a year ago. The construction of new homes and apartments jumped nearly 4% in October.
The 30-year rate has dropped from 4.81% last year, while the 15-year rate was nearly 4.25% a year ago.
Freddie Mac, the Federal Home Loan Mortgage Corp., surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.
-- The Associated Press
CORRECTION: The average 30-year mortgage rate a year ago this week was 4.81%. The rate was incorrectly reported in an earlier version of this story.
8 stocks rise; state index drops 0.72
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 466.16, down 0.72.
Eight index stocks rose, five fell, and one was unchanged.
"Equities slid for a third consecutive day, but the energy sector outperformed on reports that the Organization of the Petroleum Exporting Countries may extend production cuts until mid-2020," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 11/22/2019