California firm tied to LR apartment sale
A California real estate investment firm is behind a limited liability group that paid $34.1 million for a Chenal Valley apartment complex in west Little Rock.
The 248-unit Palisades at Chenal, acquired on Dec. 6, is the 14th Arkansas multifamily property in the portfolio of Canyon View Capitol and second purchase in less than two months.
The Santa Cruz-based firm acquired the 239-unit Stone Manor apartments in Rogers on Oct. 23 for a reported $33.6 million. Canyon View also holds interests in apartments in Conway, Fayetteville, Fort Smith, Hot Springs, Searcy and Springdale.
Canyon View Palisades SPE, LLC, leads the ownership group that acquired the Palisades at Chenal, which was built in 2006. The seller was MAA Arkansas REIT LLC, which is tied to MAA, a Germantown, Tenn., real-estate trust.
The deal with Canyon View marked the fifth multi-family property in Little Rock that MAA-related entities have sold. Those deals, which total $125.5 million, included the 308-unit Westside Creek apartments at 4710 Sam Peck Road; the 260-unit Calais Forest and 240-unit Napa Valley apartments on Napa Valley Drive; and The Ridge at Chenal, a 312-unit complex at 5400 Chenonceau Blvd.
-- Noel Oman
Consumer optimism hits nine-week high
Confidence among U.S. consumers advanced to a nine-week high on greater optimism about the economy and brighter views of personal finances and the buying climate.
Bloomberg's index of consumer comfort increased to 62.3 in the week ended Dec. 22 from 61.1, according to data released Thursday. A measure of confidence in the economy climbed to the highest since the end of July, while the personal finances gauge also was the strongest in nine weeks.
Record stock prices, unemployment at a five-decade low and steady wage gains continue to lift spirits, putting the 2019 average sentiment level on track for the best since the 1999-2000 dot-com boom. Combined with elevated sentiment, this backdrop helps explain the economy's resilience in the face of business-investment cutbacks and global demand concerns.
-- Bloomberg News
Arkansas Index ticks up 0.61 to 477.44
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 477.44, up 0.61.
"Reports of strong online retail sales boosted equities in light post-holiday trading as the consumer discretionary sector outperformed the broader market," 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 12/27/2019