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News in brief

May 21, 2022 at 1:38 a.m.

Apartment complex planned in Lowell

A 152-unit apartment complex going up in Lowell is being developed by the same companies that are building another multifamily project in Springdale.

Rogers-based firm ERC Holdings is partnering with Mia Rose Holdings of St. Louis on PURE Lowell, which will have one- and two-bedroom units on 6 acres near J.B. Hunt's headquarters. Construction will start this month, and the project is scheduled for completion in the third quarter of 2023.

The 109 one-bedroom apartments and 43 two-bedroom units will be in 10 three-story buildings, with amenities such as walking trails, a pool, bicycle garage, a fitness center and a business center.

The companies are also working together on a 234-unit apartment community called PURE Springdale, which is under construction about 10 miles from the Lowell development.

"Our vision is to create a truly unique community that feels like a welcoming neighborhood where people can live, work, recreate and, most importantly, feel at home," said Rob Coleman, president of ERC Holdings.

Sharp Architects Inc. designed the Lowell project, and the general contractor is Pick-It Construction Inc.

Financing for the project was secured through First National Bank of NWA.

-- Serenah McKay

Car-Mart to report 4Q results Monday

Rogers-based America's Car-Mart is expected to report its fourth-quarter and full-year results on Monday after the market closes.

A consensus of four analysts predicts the buy-here, pay here used car dealer will book profits of $3.10 a share for the quarter, according to Yahoo Finance. An average estimate of four analysts pegs revenue for the period at $297.23 million.

Car-Mart's third quarter saw record sales but its profit margin missed analysts' expectations. The company blamed the impact of outbreaks of the Omicron variant of covid-19 for the reduction of the number of units sold for during the month of January.

The company's senior management will host a conference call with analysts on Tuesday at 10 a.m. The live audio may be accessed by calling (877) 776-403 with the conference ID No. 6579153. The call will also be webcast on the company's investor relations page.

Car-Mart operates 154 dealerships in 12 states -- Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee and Texas

Car-Mart shares closed at $78.17, down $2, or about 2%, in trading Friday on the Nasdaq. Shares have traded as low as $72.50 and as high as $177.45 over the past year.

-- John Magsam

State index finishes session 9.69 lower

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state closed Friday at 712.21 , down 9.69.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Print Headline: Apartment complex planned in Lowell

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