RPD Catalyst LLC of Los Angeles, a privately owned real estate investment company, said this week that it had purchased 46 units at Chenal Woods, a luxury condominium project in west Little Rock.
The company did not disclose a purchase price. It bought the units from the project's original developer, a local partnership called Sixth Hole Condos at Chenal LLC, led by Henry Jordan Jr. First Security Bank, which financed the project's development, also financed the sale.
"I think everyone would agree that Chenal Woods is an A+ property in an A+ location; the nicest piece of residential real estate in Arkansas," RPD President Scott Dew said in a news release. "We call this location Main and Main in west Little Rock."
Opened in 2009, Chenal Woods sits on 4.7 acres between the Promenade at Chenal and Chenal Country Club. The gated, six-building project is connected to the golf course by a cart path and overlooks the club's sixth hole.
Chenal Woods has 72 units, 27 of which are owned by individual homeowners. The three-story condos range in size from 1,200 to 2,000 SF, with one-, two- and three-bedroom floorpans. Unit prices have ranged anywhere from 300,000 to more than $500,000.
Work on the condos began in 2007, when Jordan's company bought the acreage for $2.8 million from Deltic Timber Corp. of El Dorado. Other investors in the project included Jordan's father, Henry Jordan Sr., Willis Smith and Bek Kaiser.
In a news release, Jordan said he was proud of the project but ready to move to other things.
"The four partners came together to develop this property," he said. "We are extremely pleased with the product that we have delivered. However, some of the partners have decided to pursue some other investments, so the decision was made to solicit an offer to purchase our interests."
Founded in 1994, RPD Catalyst has a $300 million real estate portfolio with properties in Arkansas and Texas. In Arkansas, it owns condos in Springdale and Rogers.